Apple is shutting down its buy now, pay later service

Apple is ending its buy now, pay later service, just over a year after launching it.

The service, called Apple Pay Later, allowed customers to split purchases between $50 and $1,000 into four payments spread over six weeks with no interest and no fees.

The initiative, unveiled in March 2023, was part of the company’s push to use finance to deepen its relationship with consumers. It competed with buy now, pay later companies such as Affirm and Klarna.

Apple’s website said Monday that the company is “no longer offering new loans” for Apple Pay Later, but that existing ones aren’t affected. The company said it plans to offer a way for people to apply for buy now, pay later loans from other companies when they check out with Apple Pay, the company’s payment system.

Last week, Apple announced one of those companies would be Affirm, which it is adding as an option in the fall.

Affirm’s share price closed Monday at $30.81. It has nearly doubled over the past 12 months, though it remains well below its record high above $160 in late 2021.

Write to Joseph Pisani at joseph.pisani@wsj.com