Apple is Developing Its Own Payment Infrastructure System

Apple has been gradually attempting to dominate more and more fields as its product and service offerings have grown. For example, in the Mac lineup, the company has been replacing Intel CPUs with its own M1 chips, bringing the company closer to complete independence.

Apple Developing Its Payment System

According to a new claim, Apple is developing its own payment processing infrastructure. That way, in the future, you’ll be able to rely on fewer relevant partners. According to the source, the Cupertino tech giant is working on a “Buy Now, Pay Later” function for Apple Pay users. According to reports, it will allow eligible consumers to borrow money from the corporation and repay it in installments.

Bloomberg’s Mark Gurman revealed some of Apple’s financial department’s internal strategies. The corporation appears to be attempting to bring various payment-related functions in-house, reducing its reliance on present partners. Payment processing, risk assessment for loans, fraud analysis, credit checks, and other customer-service operations like as dispute resolution are examples of these duties.

If these intentions materialize, qualifying consumers may be able to borrow money from Apple and repay it via one of two installment plans. The first, dubbed Apple Pay in 4, is said to target short-term, interest-free four-payment arrangements. Apple Pay Monthly Installments, on the other hand, might be used for long-term installment plans with extra interest.

Apple’s payment plans will mostly certainly center on new financial services, such as the reported hardware subscription model, rather than existing ones. For the time being, the corporation is unlikely to fully abandon its alliances. Instead, it could be attempting to expand its payment services to a wider geographical area. We can only hope that this endeavor contributes to the expansion of Apple Card and Apple Pay to new nations.