Apple is reportedly not only considering launching a hardware subscription service so you can get the iPhone for a recurring monthly fee, but it's also even planning to build its own financial services infrastructure.
According to Bloomberg, the effort is internally codenamed Breakout, signaling it will help users breakout from the current financial system establishment. The plan is for Apple to offer its own in-house developed technology for "payment processing, risk assessment for lending, fraud analysis, credit checks, and additional customer-service functions such as the handling of disputes".
Such a move would not immediately impact the Apple Card, as Apple might still partner with Goldman Sachs. Instead, Apple is reportedly thinking about future products such as the rumoured Apple Pay Later feature, which is thought to be an Affirm or Klarna-like short-term loan option. The initiative could also tie into the iPhone subscription service Apple is exploring and might even launch in 2022.
Apple has long preferred to have control over every aspect of its products, whether it's the processer in the iPhone or Mac or the software they run, believing that doing so provides a more seamless experience for the user and also allows it to generate more revenue and be less reliant on partners. The move to offer its own financial services, therefore, makes sense for Apple given its history.
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