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Apple's hardware subscription service said to be delayed by engineering issues

By Cookie Monster - on 12 Feb 2023, 11:16pm

Apple's hardware subscription service said to be delayed by engineering issues

Image source: Apple

Engineering issues have reportedly delayed the launch of Apple's four upcoming financial initiatives which include an iPhone hardware subscription service.

Mark Gurman of Bloomberg claims in his latest Power On newsletter that "engineering and technical setbacks" resulted in slow progress and missed deadlines for Apple's launch of its financial initiatives. The four initiatives include the Apple Pay Later, the Apple Card savings account, an iPhone hardware subscription service, and Apple Pay Monthly Installments.

Gurman says Apple's push into financial services is tougher than expected, and work on a new generation financial system supporting these initiatives has also been affected. Known as Project Breakout, the financial system is developed by Apple to manage interest calculations, rewards, credit checks, approvals and transaction records.

For now, Gurman expects Apple Pay Later to be available by March or April. As for the other three financial initiatives, Gurman says they are still in development, especially the iPhone hardware subscription service which "should still arrive eventually" to drive sales of the device.

Source: Bloomberg

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