Samsung reportedly planning its own version of Apple's iPhone Upgrade Program

Earlier this month, Apple unveiled its new iPhone 6s and 6s Plus, which will go on sale this Friday. Along with various hardware and software improvements packed into its new handsets, Apple also launched a new way to buy iPhones - and it seems its fiercest rival was paying close attention to that announcement.

Indeed, according to Forbes - citing an unnamed 'industry executive with knowledge of Samsung's plans' - the Korean tech giant is planning to launch its own version of Apple's new smartphone leasing option.

Apple announced its iPhone Upgrade Program earlier this month

Under Apple's 'iPhone Upgrade Program', buyers pay from around $32 a month to get an unlocked iPhone 6s or 6s Plus. Once you've paid 12 instalments, you can upgrade to a brand new iPhone, which kicks off a fresh round of monthly payments. As long as you remain in the program, you'll never really own the handset under this arrangement (since you'll never complete a full 24-month payment plan to pay off its cost), but you will get a new iPhone every year, including AppleCare+ protection.

That should work out pretty nicely for Apple, as customers that sign up for this payment plan may be more likely to stay loyal to the company in the longer term. And that could well be a factor behind Samsung's apparent decision to launch a similar offering of its own.

Samsung is said to be preparing a launch "in the next several months", but it may bring its plans forward. However, details of Samsung's offering - such as which devices will be eligible, whether it plans to offer any additional incentives to sign up, or how much it will all cost - remain far from clear.

Source: Forbes
This article was edited after publishing to clarify certain terms of Apple's program.

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