Samsung may follow Apple’s footsteps by offering its own device lease program for its Galaxy smartphones, according to new information from Forbes.
Speaking anonymously, an industry executive told the business magazine the program will likely be similar to the one unveiled by Apple earlier this month and may launch within the next couple of weeks or months.
Apple’s new iPhone Upgrade Program offers the newest unlocked iPhone – with a yearly upgrade option and AppleCare – for $32.41 for the 16GB iPhone 6s model and $36.58 for the 6s Plus over 24 months. Unlike the carrier offerings, Apple’s installment plan doesn’t tie consumers to a single service provider since the devices come unlocked.
Apple’s lease program is the first to be offered directly from a hardware manufacturer rather than a wireless carrier.
In August, Samsung unveiled the Galaxy S6 Edge Plus and the Galaxy Note 5, which feature improve specs and new compatibility with Mac computers.
The rumored Samsung lease program may provide an avenue for the company to recover from slumping profits that dropped 39 percent in the first quarter of 2015 and dipped 8 percent in the second quarter. Earlier this month, the company fended off reports that it was planning to cut 10 percent of its management staff, but admitted it has frozen salaries on the weak sales numbers.
As of 4 p.m. Monday, Samsung stock was down 3.36 percent.