The tech giant, now valued at $3 trillion, is continuing to expand its financial offerings after debuting a buy now, pay later feature and a savings account earlier this year
Apple has been steadily expanding its financial offerings in 2023. In March, it debuted a buy now, pay later service called Apple Pay Later. Then a month later, it added a high-yield savings account backed by investment bank Goldman Sachs.
The moves are part of a push to expand the company’s revenue by providing services, according to Bloomberg. That share was just 8% roughly a decade ago. Last year, services accounted for nearly 20% of Apple’s revenue, according to the outlet. The sale of products, including its iPhone and iPad, make up the bulk of its revenue.
But all is not well inside Apple's carefully curated software and hardware ecosystem. After just three months of backing Apple’s saving account, Goldman Sachs is reportedly seeking to offload it — and Apple's credit card — to credit card giant American Express.
iOS 17 is expected to be released to all iOS users sometime in mid-September, according to 9to5Mac.
By James Pothen on July 14, 2023
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