Apple is reportedly still working on an iPhone hardware subscription service alongside its already announced ‘Apple Pay Later’ program.
According to Bloomberg’s Mark Gurman, the tech giant is developing four different payment-related projects, including its previously announced ‘Apple Card Savings Account’ and ‘Apple Pay Later.’ The other two platforms, its iPhone hardware subscription program and ‘Apple Pay Monthly Installments,’ haven’t been announced yet.
Bloomberg says that Apple’s iPhone subscription platform was initially set to launch in 2021 alongside the iPhone 13 and then the iPhone 14 in 2022. However, it’s suffered from “engineering and technical setbacks that have led to slow progress and missed deadlines.” The project is rumoured to still be in the works, however.
In Canada, you can already purchase the iPhone, iPad and Mac on a monthly installment plan. For example, the iPhone 14 is available for $45.79 per month over 24 months at 0 percent APR. This offer is provided to Apple through Paybright by Affirm. The U.S. also offers a similar monthly payment plan.
Unlike these financing options, the rumoured subscription service will feature a “yet-to-be-determined monthly fee that depends on which device the user chooses.” Apple Pay Later differs from both of these offers in that it will be open to more devices and is tied to the Apple Card.
Gurman says that Apple Pay Later will launch in the U.S. in “March or April.” It’s unclear when the hardware subscription platform or Apple Card Savings Account will release in the United States.
It’s important to note that we don’t know if Apple plans to release its rumoured iPhone hardware subscription program in Canada. While we eventually got Apple Pay, the service arrived several months after its U.S. release, and we still don’t have the Apple Card here. With this in mind, if the service does come here, it will likely be well after other regions.