Fees after the acquisition of the UK-based company Credit Gloryit was revealed that Apple Inc. (NASDAQ: AAPL) develops technological infrastructures around financial services.
What there is to know: The consumer brand is looking to integrate fintech internally and potentially reduce its reliance on existing financial services partners.
The project, named “Breakout”, focuses on payments, fraud, risk assessments for loans, improving customer service and credit checking, among others.
Apple is also working on a subscription service and a “buy now, pay later” offer linked to Pay Apple purchases. Consumers will be able to split large purchases into smaller short-term and long-term payments.
Why is this important: The project builds on Apple’s existing financial services offerings such as Apple Card and Apple Pay, helping it integrate more into the lives of more consumers.
Although the partners like Goldman Sachs Group Inc. (NYSE:GS), Core Card Corporation (NYSE: CCRD), and Green dot company (NYSE: GDOT) will remain on board for current products, they have all been traded alongside the news.
Other brands like Meta Platforms Inc (NASDAQ: FB) and Alphabet Inc.(NASDAQ:GOOGL) (NASDAQ:GOOG) are also taking fintech initiatives with Meta developing its own cryptocurrency.
Photo courtesy: Apple
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