Apple is apparently working on a new payment processing technology for a multiyear plan to expand its financial services and products. The company is developing in house technology that will help it reduce its reliance on its partners in the financial sectors.
The news arrives from Bloomberg, with the report stating that the Cupertino based giant is developing a payment process tech and infrastructure. This will involve processes like risk assessment, fraud analysis, credit checks, and dispute handling, which is similar to most financial services. Furthermore, the brand is reportedly even planning on building tools to calculate interest rewards, approving transactions, and more.
The report adds that a part of the project is internally dubbed as “Breakout,” and will involve Apple’s shift away from its current financial systems. As of right now, the iPhone maker relies on its partners like Goldman Sachs Bank and CoreCard for the Apple Card, Green Dot for Apple Cash, and Citizens Bank. But with this new project, Apple will bring all of its financial services for its future products in house. At the moment, it already Apple Card and Pay, but might soon offer subscription services for its hardware and even a “buy now, pay later” option in the future.
The report states that the buy now, pay later option will be the first product from the company to launch within its new system. This will include an option for a four payment option called “Apple Pay in 4” and an option for a long term payment plan through the “Apple Pay Monthly Installments.” Keep in mind that even if the report is true, it will take the brand a while to work on develop its financial services and infrastructure. So, its say to assume they are a while away for now.
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