Apple has scrapped its “buy now, spend later” provider, Apple Pay back Later on, which it launched in the US only very last year, marking a retreat in the Iphone maker’s ambitions to grow to be a big provider of traditional fiscal solutions. 

The tech big says it is pivoting to a new instalment financial loans provider supplied through 3rd-occasion credit history and debit cards.

“With the introduction of this new world instalment financial loan supplying, we will no more time present Apple Pay out Later in the US,” Apple explained on Monday. Buyers with open up loans by Apple Pay back Later on will go on to have access to functions, but no new financial loans are remaining presented.

Apple declared its BNPL providing in mid-2022 and launched the services previous yr in what represented a significant incursion into traditional banking expert services, with the firm producing short financial loans on its very own instead than partnering with a financial institution.