Apple is working on iOS 16.5 internally, it will be one of the final major releases for the iPhone before iOS 17.
According to a recent report, the iOS 16.5 software update will introduce a number of new features to the iPhone, that has been already announced, but not released.
This will include the Apple Card saving account, the Apple Music Classical app, iMessage Contact Key Verification, and more.
Apple is also going to be launching its Apple Pay Later feature for Apple Pay, although this will launch from a server-side update and not from a software update on the iPhone. It may still be released at the same time as the iOS 16.5 update.
Apple is also working on iOS 17 which is expected to be unveiled at their Worldwide Developer Conference in June, the software should then land in September along with the iPhone 15.
The current version of iOS is iOS 16.3.1, Apple also has a beta with developers at the moment, which is iOS 16.4. We are expecting the iOS 16.4 software update to be released sometime around the end of March or in early April.
After that has been released we should start to get the first beta of iOS 16.5, which will give us an idea of what new features are coming to the iPhone with its release.