Apple’s upcoming financial services, including buy-now-pay-later service Apple Pay Later, an Apple Card savings account and an unannounced iPhone subscription program, have reportedly been delayed. The upcoming offering from the Cupertino, California-based company is reportedly facing engineering and technical issues, leading to the delay. Apple last year announced the integration of its Pay Later service and Apple Card savings account with its Wallet app. Additionally, an as-yet-unannounced iPhone hardware subscription service and an Apple Pay monthly installment service are in the works, but have reportedly hit roadblocks as well.
Bloomberg’s Mark Gurman says Apple’s planned financial services face technical challenges. in your weekly power on newsletterGurman says Apple Has found its push into the financial vertical tougher than expected. “I believe the delays in all four initiatives stem from engineering challenges, as well as work on the next-generation financial system that will support them,” he explains.
According to Gurman, Apple is developing technology in-house to handle interest calculation, rewards, credit checks, approvals and transaction history, which are currently handled by external partners. Apple’s upcoming services are another step towards reducing dependence on third parties.
According to Gurman, after several months of delay, Apple’s Pay Later service should be rolled out to the public by March or April. The feature is currently in beta for Apple’s corporate and retail employees. Apple Pay Later launched In June last year, offered to split the purchase into four equal payments over six weeks. Apple then said it was planning to draw debt from its corporate balance sheet to the payments service later.
the company had announced In October its savings account feature for Apple Cards, which will allow users to “save their daily cash and grow their rewards in a high-yield savings account from Goldman Sachs.” While the service was expected to launch in the coming months, Gurman pointed out that there is no word on the upcoming feature.
Unannounced iPhone hardware subscription service that will let users buy iPhone models on a subscription-style monthly payment basis Allegedly To be launched in 2022 or 2023. There’s no word on a new launch timeline should the service eventually launch, according to Gurman.