Apple has reportedly stopped its growth of an iPhone {hardware} subscription program.
The firm had deliberate to launch this system in 2022, delayed it till 2023, and has now scrapped it, Bloomberg reported Wednesday (Dec. 18), citing unnamed sources.
Apple didn’t instantly reply to PYMNTS’ request for remark.
The firm had deliberate to launch a service during which customers would pay a month-to-month price for an iPhone and get a brand new mannequin of the system annually, in accordance with the report.
During growth, this system bumped into software program bugs and issues about potential regulatory scrutiny, per the report.
It was reported in March 2022 that Apple was creating the {hardware} subscription service to generate extra income and make it simpler for individuals to afford expensive new devices.
The {hardware} subscription program was being developed by the corporate’s Apple Pay group, which shut down its purchase now, pay later (BNPL) providing, Pay Later, earlier this yr due to stricter rules introduced by the Consumer Financial Protection Bureau, in accordance with the Wednesday report by Bloomberg.
Apple now promotes third-party BNPL packages provided by Affirm and Klarna, per the report.
The firm shuttered Pay Later in June — practically two years after its preliminary announcement and about eight months after its nationwide debut — and commenced charting a wider path towards providing a spread of pay-over-time lending merchandise.
Every week earlier than that announcement, Apple stated that Apple Pay customers within the United States will be capable to apply for BNPL loans by Affirm throughout checkout.
It was reported Sunday (Dec. 15) that Apple plans to debut a brand new iPhone subsequent yr that can be thinner than present fashions, could have a simplified digicam to reduce prices, and can be designed to serve in its place for customers who desire a sleek-looking telephone and are OK with not having all of the options provided in Pro fashions.
Apple can also be planning two foldable units, together with one that may double as a laptop computer and a smaller one that may be a foldable telephone, the Wall Street Journal (WSJ) reported. Both foldable units have been within the works for years.
