Apple’s new financial services have once again faced engineering problems
In recent months, Apple has introduced new financial services; But none of them are currently available. The Apple Pay Later service was announced in mid-2022 and was expected to be released before the end of last year.
Apple also partnered with Goldman Sachs to launch a savings account for Apple Card service users; But this feature is not available yet. Bloomberg In an exclusive report, it says that these two services, along with several other financial projects of Apple, have faced more delays.
Apparently, Apple is also working on two other fintech projects in addition to the Goldman Sachs savings account and Apple Pay Later. One of these projects is the iPhone subscription service and the other is a new feature in the Pay Later service called Apple Pay Monthly Installments. Bloomberg says these projects have been delayed by engineering problems.
Creating a new financial platform that can handle both profit calculations and credit checks and financial rewards has been more difficult than Apple expected. Apparently, Apple is referring to this new financial platform among its employees as Project Breakout.
Despite not reaching the initial timelines, the development of Apple’s new financial projects continues. It is said that the Apple Pay Later service was tested internally a few weeks ago and was made available to a limited number of Apple employees in retail stores at the beginning of this month. Apple Pay Later is expected to be available to the public in March (March and April) or April (April and May).
Apple Pay Later will not be offered at the same time as Apple Pay Monthly Installments. Also, this new feature is not dependent on an iOS update and will be available independently.
The iPhone subscription service was expected to be introduced with the iPhone 14; But Apple has not mentioned anything about this service so far. In the coming years, the average price of the iPhone will increase, and in this context, Apple is trying to make it easier to buy an iPhone with a subscription service.