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April 2, 2022

Apple is Building its own Payment Infrastructure

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Apple’s ‘Breakout’ project will bring payment services in-house. The tech giant currently relies on other payment processing and fintech partners to provide Apple users with “payment processing, risk assessment for lending, fraud analysis, credit checks and additional customer-service functions such as the handling of disputes.” (Bloomberg)

According to Bloomberg, Apple is developing a subscription service for computers, phones, and other hardware devices. (Apple’s Subscription Service)

Additionally, Merchants could be able to accept credit cards from their iPhones soon. (Apple Pay for merchants)

Another report claims that Apple is creating a “buy now, pay later” for Apple Pay transactions. (Buy now, pay later)

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