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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Earlier today (25th June 2020), Samsung made an announcement regarding its new digital payment service. The South Korean tech giant has partnered up with Curve, a European digital banking firm, and Mastercard to bring Pay Card.

The Pay Card is a new service that lets users manage and monitor their finances. It acts as a primary hub through which one can view all of their spendings through a smartphone. With the help of Curve, Pay Card is linked to your bank cards and offers a secure method to transfer payments.

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According to Conor Pierce, Corporate Vice-President of Samsung UK & Ireland, “At Samsung, our customers are at the heart of everything we do, which is why we strive to create the best technology, services, and solutions. The Samsung Pay Card powered by Curve will allow us to expand our Samsung Pay offering, giving our loyal customers even greater benefits and rewards than ever before.”

The partnership for the new financial service is a first of its kind in Europe for Samsung Pay. This service will be launched in the UK later this year with plans for further expansion. It also marks another step from the company towards the digital financing sector, as it had previously partnered with SoFi for new debit cards and cash management accounts as well.

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Xiaomi has had its eyes set on the consumer finance sector for a long time running. The sector has proven to be an important and lucrative one for the likes of Alibaba, Tencent etc. TheChina Banking and Insurance Regulatory Commission announced on Friday that it has given Xiaomi the nod to set up a consumer finance company in Chongqing, a municipality in the southwest of the country. The regulatory body gave a six-month deadline from the January 10 approval date for the entity to be established.

The consumer finance outfit has as its key shareholders Chongqing Rural Commercial Bank (CRCB), and three other Chongqing-based companies. Proposed registered capital is set at RMB 1.5 billion ($218.6 million).

Chinese media reported in November that Xiaomi would become the 28th company in the country to acquire a consumer finance license, joining Baidu, Alibaba, and many others.
Xiaomi told Chinese media that setting up the new company will help it to gain a firmer foothold in Chongqing, and it expects to expand consumer finance across the country.

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Shortly before the Chinese tech giant launched its 2018 initial public offering on the Hong Kong stock exchange, it disclosed that it planned to spin off its finance business into an independent entity. The move was seen by many as a way for the financial arm go public.
Consumer finance is seen as a veritable alternative for the company considering the slow growth witnessed by its smartphone business in recent times. Xiaomi’s financial product portfolio includes consumer loans, supply chain finance, financial technology, third-party payments, online insurance, and digital banking. The Chinese company is equally eyeing lucrative financial technology markets overseas. It acquired its digital banking license in Singapore earlier this month and was said to be in talks to expand its financial product offering in India late last year.

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