NEW YORK — Apple has announced it is scrapping Apple Pay Later, the company's buy now, pay later service that launched last year.

In a statement, Apple said users instead will be able to apply for installment loans via credit cards, debit cards and lenders when checking out with Apple Pay later this year.

"With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.," the company said in the statement. "Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders."

Apple introduced Apple Pay Later last March. The service allowed users to split purchases into four interest-free installments, paid over six weeks. Users were allowed to apply for Apple Pay Later loans of up to $1,000.

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