Apple (NASDAQ: AAPL) is developing its own payment processing technology and infrastructure for financial products on a multi-year plan which it hopes will help expand its payment features and services outside the U.S. These efforts are primarily focused on minimizing Apple’s reliance on third-party providers, and capturing a greater share of the payments value chain. It is also reported that Apple is working on a buy-now-pay-later offering. The BNPL product will allow users of Apple Pay to pay in four interest-free installments, or for longer-term loans, monthly payments within a traditional financing scheme. For international users, these proposed in-house banking services ought to help Apple expand its geographical footprint.
Apple Project ‘Breakout’ To Bring Financial Services In-House, Could Broaden Payment Features Beyond U.S.
