Samsung May Follow Apple by Launching Smartphone Leasing Program

Samsung is planning to follow in Apple's footsteps by launching its own Galaxy smartphone leasing program in the U.S. over the coming months, according to Forbes.

The South Korean electronics giant is planning to launch a program for leasing its Galaxy phones in the U.S. market, similar to the one Apple announced just weeks ago, according to an industry executive with knowledge of Samsung’s plans. Samsung may be launching this leasing program in the next several months, although that timeline may accelerate, the executive said.

The report does not offer any other details about Samsung's plans for the rumored smartphone leasing program, but the move would make sense as the wireless industry moves away from subsidized pricing and two-year contracts in favor of monthly installment plans and financing programs for payments.

Apple introduced the iPhone Upgrade Program alongside the iPhone 6s and iPhone 6s Plus earlier this month, enabling customers to upgrade to a new iPhone every year with AppleCare+ warranty coverage included. Eligible customers who sign up for the program will have the full cost of their new iPhone broken down into 24 equal payments of around $30 to $45 per month depending on the model, plus a premium for AppleCare+.

After the first 12 monthly payments, the customer gains the option to trade in their iPhone for a new one and enter into a new 24 month installment plan to pay it off. The final cost of an entry-level 16GB iPhone 6s with AppleCare+ purchased through the iPhone Upgrade Program is $777.84, which is ultimately the same price as purchasing a 16GB iPhone 6s ($649) and AppleCare+ ($129) outright -- but with less due upfront.

AT&T, Verizon, Sprint and T-Mobile also offer their own carrier financing plans for iPhones and Galaxy smartphones, each breaking down the full price of the device into equal monthly payments.