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Apple<\/a> Inc. is shutting down its Pay Later program, which let customers make purchases on an installment plan, marking a retreat from efforts to offer more financial services in-house.\u00a0<\/p>\n The company said Monday that it\u2019s no longer offering loans for Apple Pay Later, which allowed users to pay off purchases of as much as $1,000 over four installments. The iPhone maker took the step after announcing that third-party services\u2014such as ones from Affirm Holdings Inc. and Citigroup<\/a> Inc.\u2014would be integrated into its upcoming iOS 18 software.\u00a0<\/p>\n \u201cStarting 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,\u201d a spokesperson said in a statement. \u201cWith the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US.\u201d<\/p>\n Apple\u00a0launched its Pay Later program<\/a>\u00a0in the U.S. last year using an in-house platform. For the first time, Apple itself\u00a0issued the loans to customers<\/a>\u00a0via a new subsidiary. But it still relied on Goldman Sachs<\/a> Group Inc. and MasterCard Inc. to help handle the process.<\/p>\n The new services in iOS 18 will be available globally through the company\u2019s Apple Pay platform. And users with open loans will continue to be able to manage them within the Wallet app, Apple said.<\/p>\n \u201cOur 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,\u201d the company said.<\/p>\n The news was\u00a0previously reported<\/a>\u00a0by 9to5Mac.<\/p>\n<\/div>\n\nSubscribe to Data Sheet, our daily newsletter about the business of tech. Sign up<\/a> for free.<\/span><\/div>\n<\/div>\n