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Apple Will Turn iPhone Into a Financial Technology Service

Apple is taking several steps that will direct its business towards the field of financial technology services to compete with PayPal, Afirm and others

Apple turns into a financial technology company after announcing a set of new features for its wallet application in the iPhone from its recent developer conference to compete directly with the services of other companies in the field such as Affirm and Paypal.

The biggest new feature Apple revealed was a buy now, pay later service it called Apple Pay Later, which sent Affirm shares down 5% in early trading and down an additional 4% at the end of the round. Read more [Fintech companies Affirm and SoFi Report Strong Results].

Apple will launch a new payments system later this month that allows users to pay by touching iPhones, which in turn is a direct competitor to Block’s Square app, and the new Apple Wallet in iOS 16 will allow tracking of orders purchased through Apple Pay, and it is reported that the company made a previous move in March to enter the financial technology market. To read more [The Giant Apple Buys Start-up Credit Kudos].

All of these services highlight one of Apple’s most interesting sections in the tech community consisting of a group of financial technology services within its wallet application, knowing that many of these features are not designed to allow the collection of profits for Apple directly, but will make the application Apple Pay Apple Pay More attractive to users who haven’t tried it yet, as Apple will receive a small percentage of each cash transfer via the app, so with more users, Apple makes more money. Read more [Apple is Expected to Announce A New Operating System].

The actual problem is that the set of new features comes at a time when the global economy is witnessing a state of turmoil and uncertainty with volatile inflation rates and the continuation of fuel prices at record levels, in addition to fears of an economic recession and raising interest rates more than they are. Read more [The Giant World Bank Cuts Growth Forecast to 2.9%].

However, Apple said yesterday that there are minimal concerns about a slowdown in the adoption of these services, and the hope remains that companies that act as intermediaries or third parties will rush to adopt this technology if consumer demand rises.

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