Apple has decided to halt its plans for an iPhone hardware subscription service. This is probably for the best, especially considering the current economic situation where additional ongoing expenses are not ideal.
Bloomberg has reported that Apple has abandoned the development of its iPhone subscription service, as confirmed by sources familiar with the situation. Initially rumored in 2022, this service would have allowed customers to pay a monthly fee to essentially rent their iPhone and upgrade to the latest model when new versions were released.
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The launch of this iPhone subscription service, originally planned for the same year it was leaked, faced delays due to software issues and legal concerns. It now appears that the service will not be introduced at all.
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Based on the limited information available, Apple’s proposed subscription service seemed to resemble its existing iPhone Upgrade Program. Introduced in 2015, this program allows customers to make monthly payments over a two-year period for their iPhone, with current plans starting at $39.50 per month for the 128GB iPhone 16. After making 12 payments, customers can upgrade to the latest model and begin a new loan.
Unlike the iPhone Upgrade Program, which allows customers to eventually own their device after completing the payment plan, Apple’s planned subscription service seemed more like a rental agreement where customers would likely need to return the iPhone if they cancelled their subscription.
Earlier this year, Apple also ended its Apple Pay Later service, suggesting a reevaluation of its financial offerings. Initially announced in 2022, Apple Pay Later allowed customers to split payments into smaller installments spread over several weeks.
