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Apple’s Plan To Dominate Financial Services Sector

Apple is developing its own in-house payment processing tech and infrastructure, in a bid to move away from its current partnerships within the financial services sector.

A Bloomberg report details a multiyear plan to bring in-house payment processing, risk assessment for lending, fraud analysis, credit checks, and more. Apple is also planning its own subscription service for hardware such as iPhones, and a ‘buy now, pay later’ feature for Apple Pay.

News of these developments saw shares for Apple financial partners CoreCard and Green Dot tumbling by more than 10 per cent each, despite these being future plans.

Last week, Apple bought London-based company Credit Kudos, who parse banking details to make lending decisions for banks. This will no doubt play a pay in the company’s plans.

Apple Pay generates A$93.5 billion a year for the company, with the iPhone’s near field communication technology key to its success. In the US, Apple offers Apple Card, Apple Cash Card, and a peer-to-peer payment service, which rely upon American lenders, and therefore haven’t yet been offered elsewhere.

Reduction on reliance on outside businesses would certainly allow Apple to expand and become a global financial sector giant.

Of course, the many regulatory bodies already after Apple might have something to say if the company starts wading into unfamiliar territory.



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