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

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 planning to launch a hardware subscription service that would let customers "subscribe" to get a new iPhone each