Apple is working on its own payment processing technology

Apple is gradually trying to dominate more and more sectors, as its range of products and services continues to expand. For example, the company is replacing Intel processors on its Mac lineup with M1 chips of its own — a step toward independence. Now a new report says that Apple is working on its payment processing infrastructure. This potentially means relying less on relevant partners down the road. The report also mentioned that the Cupertino tech giant may be developing a “buy now, pay later” feature for Apple Pay users. This will reportedly allow eligible users to borrow money from the company and pay it back through installments.

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Bloomberg’s Mark Gurman Has shared some internal plans of Apple in the financial department. The company is aiming to bring many payments-related functions in-house – making it less reliant on existing partners. These tasks may include Payment processing, risk assessment for lending, fraud analysis, credit checks and additional customer-service functions such as handling disputes,

If these plans are successful, eligible users may be able to borrow money from Apple and pay them back through one of two installment plans. The first – Apple Pay in 4 – will reportedly target short-term, interest-free, four installment plans. The second – Apple Pay Monthly Installment – can be for longer term installment plans with additional interest.

Apple’s payment-related plans will likely focus on additional financial services — such as the rumored hardware subscription model — rather than existing ones. For the time being, it is unlikely for the company to give up its partnership altogether. Instead, it may aim to bring more of its paid services to a wider range of areas. We only hope that this project will help bring Apple Card and Apple Pay to even more countries.

Will you be using the Buy Now, Pay Later feature offered by Apple? why or why not? Let us know in the comments section below.


Source: bloomberg

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