Apple Rumored to be Part of Financial Institutions

Apple over the course of time have  transitioned from a computer maker to a music industry and to one of the world’s biggest leader of phone makers. Apple has outshined in all the ventures it has taken on. Now the rumor has it that Apple is to be part of financial institutions.

According to the Mark Bloomberg it is said that Apple is developing its own payment processing technology. At present Apple is dependent on external financial bodies like Goldman Sachs to handle their financial products. Now Apple plans to make teams and build such technology that will facilitate in them in their payment processing, risk assessment, fraud analysis and credit checks.

Apple’s step towards the financial side is a sudden decision. Over the years it has been steadily expanding its financial capabilities. It had active accounts associated with its App Store, iTunes music service and iCloud storage service. Apple had also expanded and had their own financial products like Wallet app, Apple Pay and Apple Cash. Furthermore it is also offering Apple branded credit card, a Mastercard, issued by Goldman Sachs.

It is a great step by Apple to extend itself into the financial institutions. With time we will see how they coop with the financial demands and risks.

Also Read: Apple to Release an M2 Chip Equipped iPad Pro