Apple has decided to discontinue another of its ambitious projects. The American tech company was working on this project for the last two years, but now it has halted the project. Apple had prepared to bring a hardware subscription plan just like the software, in which it was planning to give hardware subscription like iPhone, iPad to the users. Instead of buying an expensive iPhone, users can subscribe for it at a lower price.
Many big car makers offer their expensive and luxury cars to people on subscription. Apple was also going to launch its hardware projects including iPhone and iPad on similar lines. According to a recent report, now the company has put a complete stop to this project. The company had given the responsibility of this project to Apple Pay division. According to Bloomberg's report, the company has now put the project with subscription plan on hold.
What was the project?
In this project of Apple, users would buy iPhone on annual subscription and pay a limited fee for their iPhone every year. The company had planned to start this project two years ago, but due to various reasons it got delayed. It was to be launched in late 2022, but could not be launched until late 2024.
The tech company feared that this project might face many legal hurdles, including investigation by the Consumer Financial Protection Bureau. The CFPB said that companies that offer services like pay letters will also have to follow the rules of Visa or Mastercard.
This program was a replacement
Apple is already running an iPhone upgrade plan in many countries, allowing users to upgrade their old iPhone after two years. Apple's subscription project would have been launched as a replacement for this program. A large part of the company's revenue comes from the sale of iPhone. Apple could get new iPhone users because of the subscription plan.
Even before this, Apple had decided to close another of its projects. This year, the company discontinued the Pay Later program in June, which was launched last year. Under this program, users could make purchases up to $1,000 and pay in a maximum of four installments.
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