Apple to launch subscription service for iPhones and other hardware

The tech giant eyes for a future where device ownership is equivalent to paying a monthly app fee

American technology company, Apple is reportedly pursuing a subscription service catering to iPhones as well as Apple hardware.

Credible sources state that Apple is working on a subscription service applicable to iPhones and other hardware products, indicating towards a move that could potentially make monthly subscription of apps same as device ownership.

While certain loopholes have led to speculations associated with the foreseen announcement, Apple itself has not disclosed any details of the new development.

Over the last couple of years, recurring revenue has been a consistent trend among startups, companies, and investors.

With services like Afterplay and Klarna, which are likely to contribute to user’s credit score in future, consumers have been able to experience high-flexibility payments for products in installments.

At present, Apple offers a financing option via its Apple Card allowing consumers to also finance devices using carriers like Verizon and AT&T. However, the latest subscription may emerge as the biggest initiative by Apple in accelerating recurring sales, enabling hardware subscription.

As per credible citing, consumers may be able to subscribe using the current Apple IDs and possibly similar to that of paying for Apple music each month, allowing consumers to avoid installment-based payments equal to the device and instead be charged with some form of monthly fee. 

Speculations have it that the hardware subscription service is anticipated to launch by the end of this year. However, there remains probability of the project being pushed forward.

Most likely, Apple’s effort to introduce “buy now, pay later” solution for Apple Pay may overtake the hardware subscription launch.

So far, Apple has declined to comment on the speculated move of the company and has differed from responding to any requests for detail. 

Source Credit: https://www.businessinsider.in/tech/news/apple-is-reportedly-working-on-launching-a-subscription-service-for-iphones-and-other-hardware/articleshow/90428301.cms