Apple was working on a new built-in service for the iPhone that would allow users to trade stocks directly from their phones. The company considered launching the feature last year in collaboration with Goldman Sachs, according to sources who spoke to CNBC.
Appl first began considering the feature as far back as 2020 during COVID-19 lockdowns when federal interest rates were at nearly 0%. The company wanted to capitalize on the stock trading and investing rush induced by low interest rates and approached Goldman Sachs with its plan.
Work steadily progressed on the feature which was meant to launch last year, but recent interest hikes and unprecedented inflation caused Apple to indefinitely shelf the feature. Instead, Goldman Sachs pushed Apple to launch the high-yield Apple Card Savings account and Apple Pay Later features, according to CNBC.
Apple could elect to eventually roll out the feature at a moment’s notice if it desires so, as the underlying infrastructure for the service is “mostly built and ready to go.” Goldman Sachs’ recent decision to shutter its consumer banking sector might also be a roadblock to launching the service, which reportedly included a feature that allowed users to easily invest in Apple shares, the report adds.
The feature would have bolstered Apple’s relationship with Goldman Sachs which powers nearly all of Apple’s fintech endeavors such as Apple Card, Apple Pay Later, and Apple Card Savings.
Nevertheless, the ship might have already sailed for another project involving the Wall Street bank as it is reportedly looking to offload its Apple Card business to American Express amid a poor relationship with Apple.