Apple Shuts Down iPhone Hardware Subscription Project

According to close sources, Apple Inc. has terminated its iPhone hardware subscription service development project. This service was intended to allow consumers to receive new phones each year by paying monthly fees, similar to an app subscription. However, the company recently decided to halt this effort, and the team responsible for the project has been reassigned to other duties.

This decision is part of a broader shift in Apple's approach to payment services. The subscription project was managed by the company's Apple Pay group, which also shut down a "buy now, pay later" program earlier this year. This program allowed shoppers to pay for their purchases in installments. Now, Apple is directing its customers to third-party programs.

The iPhone subscription service was first reported by Bloomberg News in 2022, with plans for its release by the end of that year. However, the launch was postponed to 2023 and beyond due to various challenges, including software bugs and regulatory issues. Senior executives at the company had sent the project back for revisions before ultimately abandoning it. A representative from Apple, based in Cupertino, California, declined to comment on the matter.