Apple will Dive Deeper into Financial Services in 2023, Apple Pay Later and Apple Card Savings Account Coming this Year

Apple will Dive Deeper into Financial Services in 2023, Apple Pay Later and Apple Card Savings Account Coming this Year

As we kickstart the new year, all eyes are on Apple’s major software update which is the iOS 17. Definitely we will see the iOS 17 this year. But before that, let’s take a look at some of the new features that Apple has planned for the iOS this year. For the purpose of this article, we will focus on two key features that Apple will introduce this year. These features are Apple Pay Later and Apple Card Savings Account.

Apple Pay Later

The Cupertino company is really serious about having a taste of the financial world. But looks to go the other way round with the Apple Pay Later. Apple announced this feature at the WWDC 2022. With Apple Pay Later feature, users can split all payments made with the Apple Pay service into four. Users will then have six weeks to pay in four installments. The best part of this is that, you don’t pay any interest on the item. You only pay the original price of the item.

This service already has some competitions out there with the likes of Affirm and Klarna. These platforms also offer ‘buy now pay later’ on their platforms. But Apple assures users of a more secure and seamless platform. Apple will also integrate this service into the Apple Wallet app with zero fees.

When Apple announced this feature, it did not set a particular time line to launch the service. This could be mainly because the system was still in development stage. Bloomberg reported that the feature faced a bit of technical and engineering difficulties.

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When the system is finally ready, it will be available in any online store where they accept Apple Pay. It will also be available for in-app purchases. Users who qualify to use it in the US will be able to use it as soon as it is launched.

Apple Card Savings Account Apple Pay Later

With Apple Card Savings Account, user will be able to deposit their daily cash rewards into their savings account. Apple will fully integrate this feature into the Apple Wallet app. This will allow users to be able to track their account and monitor its growth.

With Apple Card Savings Account, users can even do a manual deposit into their accounts. All you have to do is to link your bank account to your Apple card savings Account.

This feature was announced by Apple in October last year. According to the Cupertino company, the Apple Card Savings Account will be available soon. This service will be available to only Apple Card holders which is only available in the US. This simply means that the Apple Card Savings Account will only be available in the US. At least, that is what we know now.

Apple will operate this service in partnership with Goldman Sachs. Goldman Sachs happens to be Apple’s old partner for the Apple Card itself. As a savings account, users may be expecting to gain some interest on their savings each year. There is no word on that yet from the iPhone maker. What we know is that, the partnering company Goldman Sachs’ current online savings yield 3.3% each year.

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