Apple is on the verge on introducing a wide-scale iPhone trade-in programme that will allow users to exchange their old iPhone model for a new one, according to reports.

The trade-in programme will allow customers that own earlier versions of the iPhone, such as the iPhone 4 or 4S, to bring the device into an Apple Store and exchange it for a new iPhone model – like the iPhone 5 at a discounted price.

A launch date for the programme is yet to be confirmed, but sources told technology blog 9to5Mac that the formal launch is currently due sometime in September.