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Telecommunications & Media

Apple Upgrade to launch as early as July 28, ushering in monthly subscriptions for iPhones

Apple is expected to start a new subscription-style program, Apple Upgrade, as early as July 28, offering major iPhone, Mac, iPad and Apple Watch models on monthly payments. Bloomberg reported Apple is preparing the relaunch with financial services firm Klarna. The program is expected to allow upgrades during the contract and options to keep or return devices at lease end, with likely terms of 24 or 36 months.

Telecommunications & Media

Apple may lock iPhones in arrears, signs of \'Restricted Mode\' in iOS 27

Apple is said to be preparing a feature in iOS 27 that would restrict the use of iPhones with overdue instalment or lease payments. Code in the iOS 27 beta is reported to include a \'Restricted Mode\' and a system enabling finance firms to control device use, potentially blocking most apps and preventing resets or resale. Some core apps could remain available, while subscriptions may continue to be billed.

Finance

Klarna applies to set up U.S. bank subsidiary to expand consumer finance beyond BNPL

Klarna has applied to U.S. federal and state regulators to establish a U.S. bank subsidiary. CNBC reported that, if approved, the Swedish fintech would pursue setting up an FDIC-insured institution, Klarna Bank USA, chartered in Utah. The new bank is expected to be led by Gary Harding, a former CEO of Milestone Bank and Prime Alliance Bank. Klarna says a licence would let it bring banking operations in-house.