One of the best things about human beings is how we are always trying to become better under all possible situations. This trait, in particular, has guided us towards some significant milestones throughout our history, but if we take a second and assess all those milestones in hindsight, we are unlikely to find anything as significant as technology. Technology seems like such an anomaly here due to reasons that are a lot bigger than its skill-set. Instead, they revolve a great deal around the flexibility through which the creation has been able to take up many different forms, thus becoming a suitable centrepiece in a wide range of situations. Now, while the stated feature has actually done a lot in making us a tech-driven society from top to bottom, what’s even more interesting is the fact that, regardless of all the progression, we would continue building upon our tech foundations. This dynamic has already fetched us a host of by-products, and looking at Apple’s recent announcement, one more now looks set to join the list.
While Apple’s entry into Buy Now Pay Later segment got the world talking like nothing else, it’s now official that the company is also launching a whole new subsidiary to manage its fintech operation. Dubbed as Apple Financing LLC, the subsidiary will be responsible for assessing the potential risk before issuing credit in compliance with all the obligations. Notably enough, Apple’s financial arm won’t be working with a full-fledged banking charter. Hence, in order to carry out the neccassary steps, the company will have to bank upon its partner in Goldman Sachs, who’ll hand out Mastercard user credentials that the customers can utilize to make their purchases. According to certain reports, Apple is also working on several other in-house features just to boost this fintech effort. For instance, the company has already initiated the development of a separate payment processing engine called Breakout. Beyond that, it has invested in dedicated tools for tasks like fraud analysis, interest calculations, and much more.
Apple has been looking to make it big in the fintech game for a while now. Not very long ago, the company launched a contactless card payment option for all the iPhone users. As a part of the wider push, it even acquired a British banking startup, Credit Kudos, for over $150 million.
Talk about how you can sign up for the service, you’ll have to start by filling in your debit card details. Next up, Apple will conduct a soft credit check before making a decision on whether to extend the credit or not. Nevertheless, if your request is approved, the credit amount, for now, is not expected to cross $1,000.