Apple reported revenues of approximately $20.8 billion from the services sector in its latest quarterly financial report, as the company managed to weather the economic downturn, problems caused by the supply chain, and lack of iPhone and Mac sales through its services, which are growing strongly. To maintain the momentum, it seeks to invest. Strongly in financial services, such as buying service IPhone In exchange for a subscription, which will allow the user to rent any device in the same way that he subscribes to one of the famous broadcast service plans, Netflix, but what is the reason for Apple’s delay in announcing its new financial services?
Apple Financial Services
Apple had announced some time ago about new features coming to its users in an attempt to expand its financial services, which is one of the biggest growth opportunities for the company, but it seems that it is not easy as the financial features that Apple is working on face strong obstacles and challenges that its engineers cannot find solutions. her yet.
Bloomberg's Mark Gurman said Apple is currently working on four financial technology projects. Two have been officially announced, namely, the Apple Card savings account and deferred payment, and the iPhone purchase service with a monthly subscription and the Buy Now and Pay Later service that allows the user to install products and pay through 4 installments distributed over six weeks without any interest has not been announced. or fees.
iPhone with a subscription
Gorman had previously said that the purchase service IPhone With a subscription, it will appear in conjunction with the iPhone 13 or 14 series, but similar to other Apple financial services, the company faced engineering and technical setbacks that led to slow progress and lack of deadlines, however, the project is still in the works within Apple and has not been cancelled.
As for the iPhone purchase service for a subscription, the service will differ from other financing options, as the monthly fees will not be the price of the device divided into 12 or 24 months. Instead, there will be a monthly amount that has not yet been determined and depends on the version of the device that the user chooses.
Mark Gurman explains that financial technology services are based on a platform that Apple has created and is known as “Project Breakout” and will be relied upon gradually to fully transfer more financial technology projects within the company such as checks, approvals, and transaction history that are currently being supervised by Apple partners.
Finally, payment is expected to be launched later by March or April 2023, and there is still no updated timetable for other services such as an Apple Card savings account or buying an iPhone with a subscription or installment service.