Apple is crafting a multi-year strategy to develop its own suite of payment process technologies. The company is said to be devising ways to deliver payment-related services so that it reduces its reliance on outside providers, according to bloomberg.com
The plan would include elements of payment processing, risk assessment for lending, fraud analysis, credit checks, a subscription service for Apple hardware, and a Buy Now, Pay Later feature running out of its Apple Pay wallet.
News about Apple’s new offerings represent a continuum of payment-related developments. Earlier, plans came to light to enable iPhone owners to use a ‘Tap to Pay’ function to make P2P payments iPhone to iPhone, potentially turning iPhones into payment terminals for small businesses. There is also Apple’s agreement to purchase Credit Kudos, a UK-based open banking fintech.
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