Samsung could offer an installment plan for phones, similar to the announced Apple Upgrade Program

According to a report out of Forbes, who spoke with an anonymous “industry executive with knowledge of Samsung’s plans,” the Korean electronics giant plans to introduce a phone leasing program similar to the one Apple just announced at its iPhone 6s event. Their exact plans or launch timing are not known at this time, but with Apple making this move and Samsung potentially on the verge of announcing another disappointing quarter, they could “accelerate” the new program.

In case you missed the Apple program announcement, it involved ditching carrier partners and instead opting in to a model that only involves Apple and their AppleCare program. The program is called the iPhone Upgrade Program and it allows iPhone owners to get a new iPhone every year by paying a monthly payment on a phone and then trading in their used phone when the new iPhone comes out. That monthly payment includes AppleCare coverage and starts at around $32 per month for the lowest model iPhone.

Apple is suggesting its customers go this route instead of dealing with a wireless carrier store. All you need to do now is head into an Apple store, pick a phone, sign-up for 2-year financing on that new phone, prepare to pay the monthly fee, and then choose a carrier to attach it to, so you can go with AT&T or T-Mobile or Verizon or whoever.

A program like this makes sense for Samsung, since this gives them back some power, but could also give them a bump in revenues should they create some sort of program like Apple’s AppleCare. AppleCare, for those not familiar, provides “expert” help and even coverage on accidental damage to your phone.

Samsung doesn’t have any new phones on the horizon to announce, which would typically be a good time to announce a program like this, but they could still offer something similar to get a boost during the holiday season.

As we learn more, we’ll be sure to pass it along.

Source: Forbes;