Apple Financial Services: What’s going on and why isn’t it available yet?

A few months ago, Apple announced big news for Apple Pay as part of its financial services strategy; an area in which they have been focused for many years with products such as Apple Card or platforms like Apple Cashto be able to send or receive payments via iMessage.

The company, remember, has revealed future availability Apple Pay later to be able to finance purchases made through its mobile payment system and a new feature that allows you to activate a savings account on your credit card. These novelties, however, are not yet available, despite the fact that Apple has promised that they will appear in just a few weeks after its announcement. What’s happening?

As noted bloomberg, Apple is not canceling the launch of its new payment-related services. They suffer delay due to “technical issues”. Also for visible development of its own financial system that supports the technologies that the company wants to launch for its users. This system will allow the company not to depend on third-party banks to manage interest calculations, fees, credit checks and approvals, and transaction histories, since all this will be processed in-house.

It was Apple’s intention to develop its own financial system that could also cause the delay of one of the company’s most interesting services. We are talking about hardware subscription program. This, in particular, will give users the ability to pay for an iPhone, iPad, Mac or any other Apple product for a monthly fee, as if it were a Netflix subscription. Fortunately, Apple has already made progress in launching some of these services..

Apple may launch these financial services soon

For example, one such financial service, Apple Pay Later, the testing phase has started with some of the company’s retail employeeswho can’t share images or details about this feature. From bloombergHowever, they clarify that this service will work as planned.

That is, the user will be able to finance purchases made using Apple Pay, although not without prior verification by the Cupertino firm. This will allow you to view the user’s credit history in order to accept or decline a funding request. Keep in mind that they will not affect credit ratings. According to the above media, Apple Pay Later It could officially arrive in March or April.

Apple, we repeat, is also working on other financial services, such as a savings account linked to the Apple Card, your credit card. In October, the company confirmed that it would arrive “in the coming months.”, but this feature is not yet available and it is not clear when it will appear. There are also doubts about the spread of the Apple Card to other markets, despite the fact that we have been seeing signs of a future appearance in countries such as the UK for several months now.