Apple is discontinuing its Apple Pay Later service after only a year since its launch in the U.S. The move comes as a recognition of the challenges in building a successful financial services business from scratch, especially in a highly competitive industry dominated by companies like Affirm and Klarna. Apple Pay Later allowed iPhone users to split purchases into four equal payments with no fees or interest, but was limited to where Apple Pay was accepted unlike its competitors. Apple announced plans to integrate Affirm directly into Apple Wallet and allow banks to offer buy now, pay later plans through Apple Pay. The decision to discontinue Apple Pay Later reflects Apple's commitment to providing secure and private payment options while expanding flexible payment solutions in collaboration with banks and lenders. Customers with existing Apple Pay Later loans will still be able to manage them within Apple Pay.