Apple teams up with Klarna to launch a lease-to-own program for iPhones, iPads, and Macs
Apple is partnering with Klarna to launch a new lease-to-own program called 'Apple Upgrade' for its hardware lineup. This move is intended to mitigate the impact of recent price hikes caused by industry-wide memory chip shortages.
Why it matters
The program reflects how major tech companies are adapting their financial models to maintain consumer demand amidst supply chain volatility and rising hardware costs.
Apple is reportedly teaming up with deferred payment processor Klarna to launch a new lease-to-own program for its devices.
Bloomberg reported Tuesday that the program — dubbed Apple Upgrade — is set to launch next Tuesday. It will allow consumers to pay for their purchases over multi-year periods, including iPhones, iPads, Macs, and Apple Watches.
Bloomberg writes that the lease term for iPhones and Apple Watches will be up to 24 months, while leases for Macs and iPads will be up to 36 months. The devices can either be kept or returned at the end of the leasing period, while upgrades to new devices will also be available (hence the name of the program). The report notes vaguely that, in some cases, “transactions will incur an additional fee.”
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