Citing people familiar with the matter, CNBC reported that Apple had made plans to introduce a stock buying feature on the iPhone but shelved the idea last year after the market tanked.
Yet, the report states that the framework needed to make this idea happen is ready and could be deployed in future when required. The idea is crafted with Goldman Sachs’ support, which already empowers several financial offerings to Apple.
Buying and Selling Stocks on iPhone
Observing the stock craze in 2020, Apple and Goldman Sachs have reportedly made a stock trading feature for iPhones but shelved the plan due to tanked markets last year. This was reported by CNBC, citing three people familiar with the matter.
Apple and Goldman Sachs have partnered with a handful of financial products earlier, including a credit card in 2019, a buy now, pay later(BNPL) scheme and a high-yield savings account. Last month, Apple proudly announced that it’s savings account offering had secured $10 billion in user deposits.
But even before this savings account scheme, Apple was reportedly thought of making a stock trading feature for it’s iPhone users, letting them invest in stocks of various companies, such as Robinhood. But the company eventually dropped plans, fearing that users may make losses, as the market tanked last year due to higher interest rates and inflation.
Well, CNBC reports states that the framework for this feature is ready and available, so Apple may introduce it when it is needed. Goldman Sachs will power the entire stock investment scheme as usual, aside from the other financial services.
Though it’s profitable for Apple and it’s users, Goldman Sachs were reportedly planning to exit the deal since it’s not lucrative on it’s part and has been waiting for a taker to replace the bank. Goldman Sachs is also reported to be exiting the consumer financial space altogether, probably to serve only business clients.
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