Apple stopped offering new loans through its Apple Pay Later credit service after launching the buy now pay later programme in the US last year.

Announcing the move on its website, the tech giant noted existing Apple Pay Later loans and purchases are not impacted.

9to5Mac reported Apple is replacing the scheme with new features set to be offered globally later this year through its Apple Pay checkout process. These will be from third-party companies, such as Affirm, as well as credit and debit cards from issuers.

Bloomberg reported upcoming Apple Play services will be available through its iOS 18.

Apple announced its now shuttered credit service two years ago at its annual Worldwide Developers Conference ahead of launching it in March last year.

Prior to its discontinuation, iPhone and Mac users in the US were able buy products from supported retailers, making payments in four instalments over six weeks without being charged interest or fees.