AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content.
Apple is currently developing new technology and infrastructure to bring a wide range of financial services for consumers in-house, reducing its reliance on outside partners.
The multiyear plan is said to include payment processing, risk assessment, fraud analysis, credit checks, and additional customer service functions. Part of the project has been dubbed by the internal codename “Breakout.”
Currently, the project is focused on future Apple financial projects and not current ones. Apple relies on third-party financial companies like Goldman Sachs for services related to Apple Card and its own financing programs.
While the move could reduce Apple’s reliance on third-party partners, it could also help the company expand into other countries. Apple Pay, for example, is available in 70 countries and regions worldwide. Apple Card, on the other hand, is only available in the U.S.
Apple is also reported to be working on related projects, including a hardware subscription service that would allow users to own iPhones with monthly payment plans. Analysts believe that the company could stick with third-party financial partners at first to offset any potential risks, however.