Apple will end its buy-your-own-and-pay-later program in the United States that it launched last year.
The tech giant said it will now offer payment plans to customers through third-party credit and debit card lenders.
Existing borrowers can continue to manage their payments using Apple's Wallet app.
The decision means Apple is backing away from plans to offer traditional financial services.
Apple Pay Later users in the US can pay for purchases worth up to $1,000 (£788) in four installments over six weeks without paying interest or fees.
The plan marks a move into providing financial services, with Apple essentially offering loans to customers rather than relying on banks and other traditional lenders.
The company used a new subsidiary, Apple Financing, to issue the loans.
This happened at a time when U.S. interest rates were near zero, making both types of borrowing much more attractive.
But as central banks raised interest rates to tackle rising prices, such plans became less appealing.
At its annual developer event last week, Apple announced it was partnering with banks, including Citi in the US, HSBC in the UK and ANZ in Australia, to offer installment payment options.
The new payment options will be available in the iOS 18 operating system, scheduled for release later this year.
