Apple announced on Monday that it will cease providing its Apple Pay Later service in the United States and launch a new loan plan.

Apple's spokesperson said in a statement, "Starting later this year, global users will be able to receive installment loans provided by credit cards, debit cards, and lending institutions when using Apple Pay for checkout. With the launch of this new global installment loan service, we will no longer provide Apple Pay Later services in the United States."

The company stated, "This solution will enable us to collaborate with banks and lending institutions that support Apple Pay and provide flexible payment methods to more consumers worldwide."

According to the company, users who already use the Apple Pay Later service can continue to manage and pay their loans through the wallet application.

The Apple Pay Later service was launched to a small group of users in March last year, allowing them to split their purchases into four installment payments, each with a six-week interval, without interest or penalty, for a maximum amount of $1,000.