Apple is turning your iPhone into fintech service taking on PayPal, Affirm and more

▤ Summary

Apple will also launch a new payments system later this month that lets you pay someone by tapping your iPhone against theirs. All of this points to one of the most interesting corners of the Apple ecosystem — a growing suite of financial products within the Wallet app. Like most major new iOS features, its also another mechanism to keep customers locked into Apples ecosystem and upgrading to a new iPhone when theyre ready. It could be a tough time for Apple to launch a new product designed to get people to buy more stuff if those trends persist throughout the year. Apples new rivals in the buy now, pay later space have struggled in recent months as consumer spending shifts from goods to services.

▦ Linked Companies

PayPal

$1B+

Apple Inc.

$1B+