Apple has confirmed to CNBC that its rumored iPhone trade-in program is launching nationwide at its retail stores beginning today. Dubbed the "iPhone Reuse and Recycling Program," the trade-in initiative allows customers to bring an old iPhone to Apple Stores across the US and receive store credit towards a newer model. According to CNBC, customers must sign a new cellular contract to take advantage of the trade-in program; you can't simply trade in an iPhone for credit to be used at a later date. Non-functioning iPhones can also be recycled in-store, though obviously Apple won't be offering a financial incentive for that aspect of the service.

The launch of Apple's trade-in program — first reported by 9to5Mac — comes just ahead of a rumored September 10th event where new iPhone hardware is expected to be revealed.