**Apple Launches Upgrade Leasing Program with Klarna**
Apple has officially launched its Apple Upgrade leasing program, enabling customers to make monthly payments starting at $17.99 for devices like iPhones, Apple Watches, Macs, and iPads. This program aims to enhance sales by encouraging more frequent upgrades, with lease terms ranging from 12 to 36 months. The initiative could significantly impact Apple’s sales strategy, as it’s expected to allow customers to upgrade their iPhones twice as often, given that the average traded-in iPhone is currently about 3.6 years old.
Klarna, the buy-now, pay-later financing leader, is partnering with Apple to provide the financial backend for this program. Klarna will own the leased devices and manage repayments, earning revenue through merchant fees and the resale of returned devices at the end of the lease term. This partnership presents a substantial opportunity for Klarna, as Apple generated over $200 billion in iPhone sales last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
