According to a report by BloombergTech giant Apple plans to build its own technology and financial services infrastructure in-house in a bid to reduce reliance on third parties.
The report says Apple’s plans include building in-house services like payment processing, loan risk assessments, fraud analysis, credit checks, and additional customer service features like as dispute management.
The American company has been busy in the fintech space recently, having acquired Credit Kudos, a British open banking start-up, for a reported value of $150 million last month.
In February, Apple announced plans to allow US merchants to use their iPhones for contactless payments.
New “Tap to Pay” feature will leverage Near Field Contact (NFC) technology to allow merchants to accept Apple Pay, contactless card payments and digital wallet payments on an iPhone, without additional hardware necessary.
The company also investigated buy-it-now, pay-later (BNPL) services over the past year. In 2021, Apple was reportedly in talks with Goldman Sachs to launch an BNPL service called Apple Pay Later, while the company has also partnered with Affirm Holdings to launch an BNPL pilot program in Canada.