The California Macintosh and iPhone maker is in the process of ramping up its proprietary financial services technology and increasing Apple’s lending to iPhone users of Apple Pay.
This is according to a Bloomberg report from earlier this week.
The Cupertino high-tech giant sounds serious about the project, dubbing the effort “Breakout” and seeking to replace its fintech partners with in-house solutions and infrastructure to bolster payments processing, credit checks, and other financial services.
Apple CEO Tim Cook Eyes Apple Pay Growth
That could scoop up a tidy sum of future profits from payments alone, as well as greater user enrollment into Apple’s “walled garden” of native apps and products. According to The Verge, there are over 1 billion active users of Apple iPhones worldwide.
Apple Pay’s current fintech service vendors, CoreCard (CCRD.N) and Green Dot (GDOT.N), who support the company’s credit and peer-to-peer remittances products, saw their shares drop steepl
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