Someone renamed it to increase the scope of the discussion to cover all of Apple’s fintech ambitions as opposed to just Apple Card.
Because they’re doing a lot more than Apple Card now, and it makes sense to have a single thread for all of it, as opposed to many different ones.
Have renamed. Apple Finance is what I get my iPhones with.
Good change
Oh oops. I was editing it in another tab, didn’t catch yours. Wanna change it back?
The current title seems good, not sure whos it was!
“Apple in Fintech (Apple Card, Apple Pay Later, Open Banking etc…)”
Of course no one really knows here, but if you had to guess is Apple more likely to move to its own lending system with lending out its own money via a subdivision of itself, or is Apple more likely to partner with Amex?
Place your bets
I would guess yes. That is without doubt the direction they’re heading in, and Apple Pay Later is almost a completely in house thing.
Edit: replaced Bloomberg with non-paywalled articles.
Hopefully allowing easier rollouts to international (UK) locations 
Does anyone know why Apple Card is costing Goldman so much?
Are all US credit card providers in this boat or is something about the Apple Card broken?
Giving people quite as much cash back as Apple does isn’t sustainable.
Apple plays a long game. Banks typically don’t. They’re too concerned with the next fiscal quarter.
Nothing about Apple Card is necessarily broken. We need only take a look at Monzo, and Chase U.K., and just about every other fintech. Both have lost a lot of money on those endeavours.
It’s a short term cost for longer term gains.
It is in the US. The only time it doesn’t is with the 3% you earn when you spend with Apple. But since you’re spending with Apple, they’re happy to take the L there, because they recoup it with whatever you buy.
Apple Pay Later has finally exited beta in the US and is now released.
Has anyone tried the new Apple Wallet OpenBanking integration in iOS 17.1 yet? I’ve not upgraded to iOS 17 yet so can’t give it a spin. Will do eventually just wondering if any early adopters have thoughts.
It was discussed to some extent. It’s meh. And quite limited.
A few folks have played with it during the beta and experiences have been positive.
Good experiences being shared on other forums too.
I’ve noticed at least with my accounts it grabs much more of my transactional history than Monzo’s connected accounts did (they’re not doing anything with the data yet though, it simply exists). The balance feature is very handy in the Apple Pay flow.
It refreshes automatically whenever you need it. For instance if you buy something with Apple Pay it’ll automatically refresh and update your balance to show you the correct one. If you tap into it within in wallet it automatically updates to fetch the latest transactions and most up to date transactions.
It’s probably the best open banking implementation I’ve used so far* (only been able to try it with Monzo, Monzo Flex, and Barclaycard so far, a lot of my accounts aren’t in wallet) but it’s functionally shallow because there are no tools built on top to actually do anything with the data. It’s just a transaction history and balance.
*I mean best in the same context as when I previously described Monzo’s as being the best implementation. Purely the open banking product, not any other software, functionality, or features that can plug into it. Others do that stuff better for the simple reason Apple doesn’t do it at all (yet).
That sounds good, it’s exactly what I want. I’m not interested in managing my finances with Wallet, but being able to see my balance when I’m going through the payment flow would be hugely helpful!
I should clarify, that’s for online Apple Pay purchases!
It’s hidden for in person transactions for privacy. But you can still check in the wallet app by tapping on the card before double clicking the side button.
Edit: found the screenshot from the other thread that shows what this is like
That’s great, thanks. Didn’t realise there was another thread, I thought it had all been consolidated here. But the design sounds good to me. I wonder if this will every carry over to Apple Pay on the Mac. That would be even better!
