Apple Inc. will no longer offer loans through its buy-now-pay-later service in the United States, the company's spokesperson informed CNBC on Monday, just months after starting the program.
"Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay," the spokesperson noted. "With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US," the spokesperson said in the statement.
The move follows Apple's announcement that it will begin accepting installment loans in its Apple Pay checkout process through Affirm Holdings Inc. later this year.
Apple's stock traded 2.42% higher following the news, selling at $217.47 apiece.
