Apple also discontinued its Apple Pay Later service earlier this year, a possible indication that the company is reassessing its financial products. Initially announced in 2022, Apple Pay Later was a Buy Now Pay Later service that allowed customers to split payments into multiple smaller installments spread out over several weeks.

Apple is no longer working on the iPhone subscription service, which was rumored to offer customers the latest models for a monthly fee.

Apple has reportedly stopped work on a discrete iPhone hardware subscription service, but the goals of the project have been largely accomplished with the iPhone Upgrade Program.