Apple has abandoned its project to launch an iPhone hardware subscription service, a plan that aimed to revolutionize how consumers purchased iPhones. The company cited software bugs, regulatory concerns, and internal setbacks as reasons for the cancellation.
Apple Inc. has halted work on a project to build an iPhone hardware subscription service, according to people familiar with the matter. The idea was to make owning an iPhone like subscribing to an app — with consumers paying monthly fees and getting new phones each year — but Apple recently wound down the effort. The team was disbanded and reassigned to other projects.
The subscription effort was overseen by the company’s Apple Pay group, which also shuttered a “buy now, pay later” program earlier this year. That service let shoppers pay off purchases over multiple installments, but Apple is now steering consumers toward third-party programs instead. Bloomberg News first reported on the iPhone subscription service in 2022, when the program was due to launch by the end of that year. It was ultimately delayed until 2023 — and beyond — after suffering numerous setbacks, including software bugs and regulatory concerns. Top company executives had sent the work back to the drawing board before the project was finally scrapped. When Apple began work on the hardware subscription service a few years ago, it was aiming to sell more iPhones and generate a greater amount of recurring revenue. The company also wanted to further lock users in to the Apple product ecosystem. It would work like this: Instead of paying for an iPhone outright or signing up for an instalment plan, customers would have a monthly fee billed to the same Apple account they use for downloading apps and subscribing to services. Like the now-defunct Apple Pay Later program, the hardware subscription would use an in-house financial infrastructure and be based on loans Early this year, Apple deployed the iPhone subscription service as a test for employees within its Pay grou
APPLE IPHONE SUBSCRIPTION HARDWARE CANCELLED
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