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According to Bloomberg, similar to the situation with Apple Pay Later, the engineering for the iPhone subscription service is facing setbacks..
According to Mark Gurman of Bloomberg, Apple has four financial technology (fintech) projects in development, including the publicly known Apple Card Savings Account and Apple Pay Later. The other two, "Apple Pay Monthly Installments" and an iPhone hardware subscription program, have not been publicly announced.
Gurman stated that the iPhone hardware subscription program was initially slated to launch with the iPhone 13 or 14, but has faced technical difficulties and delays. This program will be unique in its monthly fee structure, which will depend on the device chosen by the user, instead of being a split cost of the device.
Apple's fintech services are powered by the internally developed "Project Breakout" platform, which will bring more fintech functions in-house, including transaction history and approvals, which are currently managed by external partners.
According to Gurman, Apple Pay Later is anticipated to be introduced in either March or April. At present, there is no updated information on the launch dates for services such as the Apple Card Savings Account, the highly anticipated iPhone subscription, or the forthcoming Apple Pay Monthly.