It looks like Samsung Electronics' first rental phone service will be called 'Galaxy Club' and will be officially introduced at the same day the company will unveil its Galaxy S7 smartphones. According to Korea's Electronic Times, Samsung's rental phone service will start on the 11th of March and will include the Galaxy S7 smartphones.

The rental phone service would allow consumers to exchange their phones after using them for certain period of time. When used phones are returned, remaining installments are exempted.

Apple's 'iPhone Upgrade Program' exchanges used phones with a new iPhone every year. T-Mobile's customers can change their phones 3 times a year if certain conditions are met. Industries are expecting that Samsung will also allow customers to change their phones once every year just like Apple.