A Bloomberg report claims Apple is developing a hardware subscription service so potential iPhone users can purchase the smartphone on a subscription model, similar to how one can purchase iCloud storage.

The publication reports that Apple’s subscription model would let people buy hardware products such as iPhones and iPads in a way “similar to paying a monthly app fee.” This will be a big step up for the company that currently allows customers to buy hardware by paying upfront or availing of finance options using the Apple Card platform.

Apple is working on an iPhone and hardware subscription service for launch by next year and it could tie into Apple One bundles and AppleCare. A major shift for Apple en route. https://t.co/SS7CoQFBxh

— Mark Gurman (@markgurman) March 24, 2022

The report is based on information from anonymous sources familiar with Apple’s plans. It says the Cupertino giant’s subscription service could break cover at the end of 2022 or early 2023. The report says the subscription model would be the brand’s most significant push into “recurring sales.”

It is being touted as a big step for Apple because it would put its premium hardware products within easy financial reach of those who cannot afford one-time payments or the risk associated with finance options. The report adds that little is known about the project at present. It isn’t even clear if it will tie into Apple’s iPhone upgrade program yet.

What are your expectations from the program if it comes to fruition? Would you be willing to pay a monthly cost to own an iPhone, iPad, or Mac? Tell us in the comments section below.