Apple is no longer developing a hardware subscription service for iPhones that would let subscribers get a new iPhone every year, according to Bloomberg’s Mark Gurman. Gurman initially reported in 2022 that Apple was working on the service, and while it was apparently supposed to launch that year, the project was delayed due because of “software bugs and regulatory concerns,” Gurman says.

While the hardware subscription service apparently won’t see the light of day, Apple offers installment plans you can use to pay for an iPhone over time. The iPhone Upgrade Program spreads the payments of a loan for a new iPhone (and AppleCare Plus) over 24 months, and you can upgrade to a new phone after you pay the equivalent of 12 months. If you have an Apple Card, you can also pay for a new iPhone (and other Apple products) using Apple Card Monthly Installments.