Apple Reportedly Working On New Gadget Subscription To Pay For iPhones Over Time
Instead of shelling out thousands of dollars upfront for the latest iPhone every year, you could soon be paying for your device the same way you do for digital services such as Apple Music or iCloud storage.
As smartphones become more expensive, and fewer people have the means of upgrading to the latest model annually, Apple’s latest venture could be a way to solve the problem and turn phone payments into a hardware subscription service instead, as per a new report from Bloomberg’s Mark Gurman.
If you’re thinking the concept already exists, you’d be right. Input posited the idea is similar to the company’s existing iPhone Upgrade Program, which allows users to fork out a monthly fee covering the cost of their device, Apple Care+, and the ability to upgrade their smartphone annually over a period of 24 months.
Gurman pointed out that the new subscription service would differ slightly from the existing program, seeing as the cost of the device won’t be split over 12 or 24 months, but rather, will be a yet-to-be-determined monthly fee depending on the iPhone model.
The new subscription plan has been described as “similar to paying a monthly app fee,” and would mark Apple’s first foray into allowing its users to subscribe to hardware instead of just digital services.
In essence, the move hopes to make buying the latest iPhone as simple as paying for a recurring Apple TV+ subscription each month. Chances are, Apple will allow you to use the same Apple ID to purchase the hardware as you already do with apps and services to streamline the process.
Intrigued? While this service—slated to launch late this year or next year—could rid customers of hefty upfront payments or monthly installments, there’s however still a possibility that it could get canned entirely.
