Apple is well-known for doing things in-house whenever possible, and that might even extend to financial services. Bloomberg sources claim Apple is laying the groundwork for “future financial services” through a multi-year effort that would bring more financial procedures under the company’s wing. The iPhone maker is reportedly developing its own payment processing system, and also wants to handle credit checks, risk assessment for loans and other behind-the-scenes tasks.
The initiatives are meant for future offerings, according to the sources. This wouldn’t augment Apple Card, Apple Pay, contactless payments for stores or other known financial products. The first product to rely on the payment processing would supposedly be a service nicknamed “Apple Pay Later” that lets you pay off devices in either four interest-free instalments or monthly instalments with interest.
Apple has already declined comment. This isn’t the first time in recent weeks that the company was said to be shaking up its business models, though. A previous rumor also suggested Apple was planning a hardware subscription service where you’d pay a monthly fee to use the latest devices.
The greater responsibility could prove a challenge. Apple has “faced some hurdles” developing the payment processing tech, Bloomberg said. However, the company has multiple incentives to take more control of financial services. It could launch new features faster, and in countries where they wouldn’t otherwise be viable. Apple might also take a larger slice of revenue in some cases. Simply put, Apple might not be held back by payment processors and banks like some of its peers.