Apple is no longer working on a subscription service for iPhones, Bloomberg reports, citing people close to the matter. Rumors about the possible service first surfaced in 2022. Instead of paying for an iPhone upfront,

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.