Apple Inc. has halted work on a project to build an iPhone hardware subscription service, according to people familiar with the matter, retreating from an attempt to change the way consumers buy its flagship device.

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.

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 Prog