Report: Apple Stops Development of iPhone Hardware Subscription Program

Core Viewpoint - Apple has halted the development of its iPhone hardware subscription program, which was initially planned for launch in 2022 and later delayed to 2023 [1][2]. Group 1: Subscription Program Details - The subscription program aimed to allow consumers to pay a monthly fee for an iPhone and receive a new model each year [2]. - Development faced challenges, including software bugs and concerns regarding regulatory scrutiny [2][3]. - The initiative was part of Apple's strategy to generate more revenue and make expensive devices more affordable for consumers [3]. Group 2: Changes in Financial Offerings - Apple's Apple Pay group, which was developing the subscription service, previously shut down its buy now, pay later (BNPL) offering due to stricter regulations from the Consumer Financial Protection Bureau [3]. - Following the closure of its Pay Later service, Apple is now promoting third-party BNPL programs from Affirm and Klarna [4]. - The Pay Later service was discontinued in June, nearly two years after its announcement and about eight months post-launch [4]. Group 3: Future Product Plans - Apple is set to launch a new iPhone next year that will be thinner and feature a simplified camera to reduce costs, targeting consumers who prefer a sleek design over advanced features [5]. - The company is also working on two foldable devices, including a foldable laptop and a smaller foldable phone, which have been in development for several years [6].