Apple is discontinuing its buy now, pay later service, Apple Pay Later, just a year after its launch, due to the challenges of building a financial services business from scratch. Launched in March 2023, Apple Pay Later allowed users to split purchases into four payments without fees or interest. However, its availability was limited to where Apple Pay was accepted, unlike competitors Klarna and Affirm, which are integrated with many merchant websites. Apple will now allow banks to offer installment loans through Apple Pay and Apple Wallet, with Affirm directly integrated into Apple Wallet. Existing Apple Pay Later loans can still be managed via Apple Pay.