Apple is killing off its Apple Pay Later, just over a year after it was first introduced and less than a year after it became widely available.

Apple launched a preview of Apple Pay Later in the US in March 2023 before rolling it out to everyone in October 2023. Despite its short lifespan, Apple is killing off the service in favor of new features that will be rolled into its main Apple Pay service. The new features will be available globally, as opposed to only targeting US customers.

The company confirmed the news in a statement to 9to5Mac:

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. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. 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.

The “buy now, pay later” industry has come under increased scrutiny in the US. The Consumer Financial Protection Bureau (CFPB) recently announced new rules that would govern the industry much the same as the credit card industry.

Given that the “buy now, pay later” industry will be regulated like the traditional credit card market, it makes sense that Apple would transition away from the service in favor of more mainstream credit options.