What you need to know
- Apple is working to bring much of its financial footprint in-house.
- The company is working on a payment processing technology that would cut its reliance on existing partners.
- Future financial products could include lending, fraud analysis, and credit checks.
Apple's next big game might be in the world of financial services rather than the metaverse.
According to a new report from Bloomberg, the company is working to bring a number of financial services products in house. The effort, called project "Breakout," sounds like it could start with Apple building out the ability to handle its own payment processing.
Going forward, the project could result in a ton of additional financial service products, including "payment processing, risk assessment for lending, fraud analysis, credit checks and additional customer-service functions such as the handling of disputes."
Shares for a number of financial service firms that are currently partnered with Apple slid on Wednesday on the news. If true, such an effort would remove the company's reliance on a number of partners and boost Apple's ability to offer more financial service products to its customers directly.
The company currently offers Apple Cash and Apple Card, as well as some financing options for its products with carrier and credit partners. Goldman Sachs is the company's current partner for Apple Card, but such moves could eventually make it that Apple could offer the credit card on its own.
It's not hard to think that there is a future where Apple will offer checking accounts, savings accounts, and even investments. The company is always looking to disrupt industries, and the financial services industry is ripe for disruption.
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.