Apple is reportedly working on an iPhone hardware subscription service alongside its fintech projects, but like Apple Pay Later, it’s been suffering from engineering delays. The iPhone subscription program was initially set to launch with the iPhone 13 in 2021 or the iPhone 14 in 2022. However, it has been facing slow progress and missed deadlines, causing it to fall behind schedule.
The iPhone hardware subscription program is different from other financing options for iPhone buyers in that the monthly fee will depend on which device the user chooses, rather than being a split cost of the device over 12 or 24 months. Despite the setbacks, the project remains in progress inside Apple and has not been cancelled.
The fintech services that Apple is working on are part of an underlying platform called “Project Breakout,” which the company will use to move more of its fintech projects completely in-house, including checks, approvals, and transaction histories. While the delays to all four initiatives, including Apple Pay Later, Apple Card Savings Account, and Apple Pay Monthly, are likely due to engineering challenges and work on a next-generation financial system that will support them, Apple Pay Later is expected to launch by March or April. There’s no updated timeline for the other services.
