As Apple prepares to launch Apple Pay Later, the company also continues to work on a subscription service for iPhones. bloomberg However, reports today indicate that just like Apple Pay Later, this iPhone subscription service is also suffering from engineering delays.
iPhone subscription service is still to come
in its latest version employment newsletter bloomberg Mark Gurman explains that Apple has four fintech projects in the pipeline at the moment. Two of these have been publicly announced, the Apple Card Savings Account and Apple Pay Later. The other two, “Apple Pay monthly installments” and the iPhone subscription program, were not announced.
Gurman says the iPhone subscription program is slated to launch alongside the iPhone 13 in 2021 or the iPhone 14 in 2022. However, like other Apple fintech projects, it has suffered “engineering and technical setbacks that have led to slow progress and lack of punctuality.” final.” However, the project is still in the works within Apple and has not been cancelled.
The iPhone subscription program will differ from other financing options for iPhone buyers because “the monthly fee will not be the price of the device divided by 12 or 24 months.” Instead, it will be “a monthly fee that has yet to be determined and depends on which device the user chooses.”
bloomberg He explains that Apple’s financial technology services are based on a core platform, built by Apple, and is “one of the most ambitious parts of Apple’s financial efforts.” This platform is referred to as “Project Breakout,” and it’s what Apple will use to move more fintech projects entirely in-house: “checks, approvals, and transaction history.” All of these things are currently being overseen on Apple’s behalf by partners.
Both of these services are still in the works at Apple, but the financial push is clearly proving more difficult than expected. I believe the delays in all four initiatives stem from engineering challenges, as well as work on a next-generation financial system that will support them.
Apple Pay is expected to launch later by “March or April,” according to Gurman. There’s no word on an updated schedule for things like an Apple Card savings account, a yet-to-be-announced iPhone subscription, or monthly Apple Pay services.
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