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.

We’ve been hearing talk of an iPhone subscription service since 2022, but now this rumored service – which would allow you to get new iPhones on a subscription – has apparently been abandoned by Apple before it could even launch.

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.