The iPhone Upgrade Program is a 24-month program designed for consumers to get the latest iPhone every year without paying up-front prices. The program consists of "low monthly payments", where consumers will gradually pay for the iPhone they have over 24 months, with an opportunity to switch (upgrade) to the new iPhone after 12 months of payment. Once 12 months have passed, consumers can trade their current iPhone with a new one, the payments are transferred from the old device to the new device, and the program "restarts" with a new 24-month period.[1]