Axios, June 20, 2024, How Apple Is Winning The Financial Services Game
The iPhone has become a platform for thousands of financial services companies, including buy now, pay later providers. The one guaranteed winner is Apple, which has ensured it takes no risk itself.
Why it matters: An iPhone doesn’t just act as a metaphorical wallet, it’s also the store where the money is spent. That means Apple can just collect fees on every transaction, rather than finance them.
Driving the news: Apple has dropped its in-house buy now, pay later (BNPL) product in favor of partnering with specialist providers like Affirm.
