Apple Reportedly Wants to Handle More Financial Services in-house

Apple Reportedly Wants to Handle More Financial Services in-house

Apple is well-known for doing things in-house wherever feasible, and this may also apply to financial services. According to Bloomberg, Apple is building the framework for "future financial services" with a multi-year endeavor to put additional financial operations under the company's umbrella. According to reports, Apple is working on its payment processing system, credit checks, loan risk assessment, and other behind-the-scenes chores.

According to the sources, the initiatives are intended for future releases. This would not be in addition to Apple Card, Apple Pay, contactless purchases in shops, or other well-known financial products. The first product to rely on payment processing is rumored to be "Apple Pay Later," a service that allows you to pay off consequences in four interest-free installments or monthly installments with interest.

Apple has previously declined to respond. This isn't the first time the corporation has been rumored to be switching up its business strategies in recent weeks. A prior report stated that Apple was considering a hardware subscription service in which you would pay a monthly charge to utilize the most current products.

The increased responsibilities may provide a hurdle. According to Bloomberg, Apple "met several roadblocks" in developing payment processing technology. However, the corporation has several motivations to gain more influence over financial services. It might provide new features more quickly and in places that would not otherwise be feasible. In other circumstances, Apple may receive a greater cut of the money. Unlike some of its competitors, Apple may not be hampered by payment processors and banks.

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Jessica Vieira
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Jessica Vieira
Jessica Vieira is ProductReviews's senior media reporter, covering the intersection of entertainment and technology.

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