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Apple scraps its Pay Later loan scheme

The decision marks a retreat for Apple from its plans to offer traditional financial services.

The technology giant says it will now offer customers payment plans through third-party credit and debit card lenders. The scheme represented a move into providing financial services, with Apple effectively offering customers loans, instead of resorting to banks and other traditional lenders. During its annual developer event last week, Apple announced that it would be partnering with banks , including Citi in the US, HSBC in the UK and ANZ in Australia, to offer instalment payment options.

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