The allowance feature has been around since 2003 when Apple launched the iTunes Store. It allowed parents to send monthly credits between $10 and $50 to their children, who could then choose what they wanted to purchase from iTunes.
A statement posted on Apple's website said all existing allowances will be cancelled on May 25 and any unused credit will remain in the recipient's account until it is used.
It's unclear why Apple has chosen to end the program. The company did point to two features parents may find handy. The first, family sharing, allows for the sharing of purchases and includes an "ask to buy" button for children under 13 years of age.
Credits can also be sent through iTunes Gifts. The sender can even choose to gift a certain song, book or app.