Azerbaijan news

Apple is working on new financial services and wants to offer a wide range of services such as banking

According to the information Apple company individual technology for payment processing and works on infrastructure. Such infrastructure will help the company to introduce new financial products to its customers in the future. As a result Apple reduce dependence on their partners in this area and plans to rely more on his own strength. Some think so that, Apple a kind bank becomes an enterprise. Information about the project prepared by Apple to enter the financial market Bloomberg website citing its anonymous sources. According to the information, a multilingual project Breakout has a code name. The revelation has already led to a decline in shares of Apple’s two main partners in the financial sector. Conversation, CoreCard and Green Dot companies. Even Goldman Sachs This information was also influenced by such giants. So. that, the price of its shares 1.2% fell down. Apple, in turn, plans to provide a wide range of financial services to its customers.

These, in turn, will expand Apple’s existing offerings in the financial sector. It should be noted that, Apple is currently presenting under its own brand credit to the card (Apple Card) and Apple Pay has a payment service. CoreCard processes payments via Apple Card. Goldman Sachs offers a wider range of services in this area. Apple’s first financial service was Apple Pay, launched in 2014. The service is active in 70 countries around the world and to the company every year 70 billion dollars brings close income. But under the Apple brand bank cards are offered only through partners operating in the United States. This, in turn, limits Apple’s growth in the financial sector.

Likely that, Apple will build its infrastructure using the experience of the startup. According to the information, the company’s first financial product will be a partial payment service. It was noted in the report that, within the project company in question Apple Pay Later is called. Lending services are both Goldman Sachs in the early stages banki will also be presented by other partners. However, the calculation of interest on Apple’s list of individual financial instruments, approval of transactions, credit transmission of information to the history bureau, receipt of inquiries based on individual risk assessment and or rejection, credit regulation of limits and as well as tools such as transaction history analysis. As a result, the company plans to abandon its partners who provide these services.

Azerbaijan news

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