Apple is working on a multi-year plan to create its own set of payment processing technologies. To reduce its dependence on outside providers, the company is reportedly developing payment-related services of its own, according to Bloomberg.com’s report.
Planned features include elements of payment processing and risk assessment for lending as well as fraud and credit checks, a subscription service for Apple hardware, and an option to buy now and pay later through the Apple Pay system.
The news about Apple’s new payment options continues a trend in mobile payments. Earlier this year, plans emerged to allow iPhone owners to use a “Tap to Pay” function to make P2P payments from iPhone to iPhone, potentially turning iPhones into payment terminals for small businesses. Open banking fintech Credit Kudos, based in the United Kingdom, has also been purchased by Apple as part of the deal.