Apple is trying to attract more buyers for its latest iPhone 5 smartphone, with the introduction of a trade-in device program. Bloomberg cited "people familiar with Apple's plans" and reported that Apple's program would allow users to trade their older iPhones for the company's latest model.

Brightstar Corp will handle the exchanges, the report added. The specific mobile phone distributor already runs similar trade-in programs for AT&T Inc and T-Mobile.

A trade-in program generally a consumer-friendly but still effective marketing strategy that could help increase the demand of its expensive models, especially as rival Samsung steps up an aggressive marketing push for its own devices in the U.S. market.