05:57 PM EDT, 06/17/2024 (MT Newswires) -- Apple ( AAPL ) has discontinued its buy-now-pay-later service Apple Pay Later, media outlets reported Monday, citing a company statement.

The company is reportedly shifting its focus to new global features for Apple Pay, including installment loans via eligible credit or debit cards, and partners like Affirm (AFRM).

Users with ongoing Apple Pay Later loans can still manage and repay through the Apple Wallet app, the company reportedly said.

Starting later this year, Apple Pay will offer installment loans globally, in collaboration with banks and lenders integrated into the Apple Pay system.

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