It would be different than the iPhone Upgrade program that lets you pay for the iPhone in 24 monthly installments. Under that program, the device is yours once you have paid for it in full.
At the same time, it would also make Apple products more accessible to consumers who cannot afford to pay for the devices upfront.
Apple could bundle it with the Apple One services subscription program and AppleCare extended warranty and technical support plans and promote it as a one-stop subscription service.
Apple’s hardware subscription program has been subject to delays, and we can expect the company to formally announce it by the end of this year or in 2023.