Apple Starts Leasing iPhones Monthly as Memory Costs Bite

Apple launched Apple Upgrade with Klarna, a monthly leasing programme spanning its hardware line: iPhone from $17.99/month for the 17e over 12- and 24-month terms, Apple Watch Series 11 from $11.99, and Mac and iPad on 24- and 36-month terms. It replaces the old iPhone Upgrade Program and iPhone Payments, with billing managed in the Klarna app. The backdrop is rising component costs, memory and storage in particular. Leasing does not make a device cheaper; it changes which number the buyer looks at. When the bill of materials rises faster than what customers will pay upfront, spreading the sticker over months is the lever that protects unit volume — and it is the clearest consumer-side signal yet of the DRAM shortage.