Apple Pay push is scarier for fintechs than banks - liamwardproud -
Apple is developing its own financial-services technology in a bid to reduce the company’s reliance on third-party systems, Bloomberg reported on March 30.
Under the plans, the iPhone maker would manage its own payments processing, risk assessment for loans, fraud analysis and credit checks. The first product to rely on the new technology systems will be a “buy now, pay later” service with two distinct offerings. The first offering would provide interest-free credit so that consumers can split purchases across four instalments. Apple might fund those loans using its own cash reserves, Bloomberg reported. The second product would offer longer-term consumer loans underwritten by Goldman Sachs, Apple’s existing credit card partner.A salesperson walks past an advertisement at an Apple reseller store in Mumbai, India September 1, 2021.
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