According to the app Zhitong Finance, after launching the "Buy Now Pay Later" (BNPL) service in the USA for over a year, Apple (AAPL.US) suddenly announced on Monday that it will terminate the service. The global technology giant stated that it will allow installment payments through third-party applications such as Affirm (AFRM.US) as well as credit and debit cards later this year.

Apple stated on its official website: 'With the launch of this new global installment loan service, we will no longer provide Apple Pay Later in the United States. Users who obtained loans through Apple Pay Later can continue to use the service, but no new loans will be offered.'

It is worth mentioning that while Apple is no longer providing the 'Buy Now, Pay Later' service itself, it announced on Monday that it plans to provide a way for people to apply for other companies' Buy Now, Pay Later services when using Apple Pay to check out - and former rival Affirm is one of the partners.

In addition, at the annual developer conference last week, Apple also announced that, in the United States, users of Citigroup and Synchrony, as well as lenders using software provider Fiserv, will be able to use Apple's installment loan service in the future. In the UK, installment loan functionality will first be launched in partnership with HSBC and Monzo banks. In Australia and Spain, Apple will provide installment loan services through ANZ Bank and CaixaBank, respectively.