Financial institutions

Apple would have been one of the financial institutions

Over time, Apple has grown from a computer maker to a music industry and one of the biggest phone makers in the world. Apple has eclipsed every business it has undertaken. Now rumor has it that Apple is among the financial institutions.

According to Mark Bloomberg, Apple is said to be developing its own payment processing technology. Currently, Apple depends on external financial organizations like Goldman Sachs to manage its financial products. Now, Apple plans to train teams and build such technology that will make it easier for them to process payments, risk assessment, fraud analysis, and credit checks.

Apple’s step to the financial side is a sudden decision. Over the years, he has steadily expanded his financial capabilities. He had active accounts associated with his App Store, iTunes music service, and iCloud storage service. Apple had also grown and had its own financial products like the Wallet app, Apple Pay, and Apple Cash. In addition, it also offers an Apple-branded credit card, a Mastercard, issued by Goldman Sachs.

It’s a big step for Apple to expand to financial institutions. Over time, we will see how they cooperate with financial requirements and risks.

Also read: Apple will release an iPad Pro equipped with an M2 chip