Apple is launching a device leasing program to boost sales. The Apple Upgrade initiative will go live in the United States on July 28 and will cover most models of iPhone, Mac, iPad, and Apple Watch, as reported by Bloomberg.
The system will operate on a subscription basis. Users will have the option to make an early payment for their device and upgrade to a newer model before the contract term ends. Fintech company Klarna Group will serve as the financial sponsor for the program.
Apple intends to position Apple Upgrade as a more cost-effective alternative to installment purchase options, which will be discontinued in the future.
This decision follows a price increase on the company’s products due to rising component costs, including memory chips and storage drives.
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