In 2022, Apple was reported to be working on an iPhone hardware subscription service that would allow customers to finance their purchases using the Apple Card. The service would apparently also be applicable to other products. Sadly, according to the latest report, the company has hit a temporary roadblock in rolling out the service due to a multitude of problems, which we have discussed in length here.
iPhone hardware subscription said to be affected by engineering and technical setbacks
Apple currently has four fin-tech projects in the works, out of which two have been publicly announced, which are Apple Card Savings Account and Apple Pay Later. The remaining two, which are Apple Pay Monthly Installments and an unnamed iPhone hardware subscription program, according to Bloomberg’s Mark Gurman, have yet to be announced. Gurman writes below in his Power On newsletter below that the reason why these services are delayed is due to engineering challenges.
“Both of those services remain underway at Apple, but it’s clear that the financial push has proven more difficult than expected. I believe the delays to all four initiatives stem from engineering challenges, as well as work on a next-generation financial system that will support them.”
Given the current economic conditions, it is not feasible for consumers to pay exorbitant sums of money to purchase Apple products, which is the reason for the existence of Apple Pay Later. Though the service has been delayed, Apple employees are said to be testing the feature, and it will roll out shortly.
“There have been recent signs of progress. After a delay of several months, the company is preparing to release the first version of Apple Pay Later to consumers. Several weeks ago, it started allowing corporate Apple employees to test the feature. And earlier this month, it opened that up to retail employees — essentially creating a test group with tens of thousands of people.”
The Apple Pay Later service is expected to launch sometime by March or April, according to Gurman. Unfortunately, there is no word on when the remaining two services, Apple Pay Monthly Installments and an unnamed iPhone hardware subscription program, will arrive, so we will keep our fingers crossed.
The post Apple’s iPhone Hardware Subscription Service Reportedly Facing Several Setbacks, Forcing It To Be Delayed by Omar Sohail appeared first on Wccftech.
