Apple plans to build its own financial infrastructure for payments and lending
Enlarge / The featureless, very Apple-like physical Apple Card. (credit: Apple)
Apple plans to build its own in-house technology and infrastructure for financial services, according to a Bloomberg report citing people with knowledge of the matter.
The initiative is internally codenamed "Breakout" as an allusion to the idea of users breaking free from the current establishment players in the financial system.
Apple has long held to a philosophy of controlling as much of the user experience—and its own pipeline—as possible, believing this method offers the dual benefits of better experiences for customers and a bigger slice of the revenue pie for Apple. That control also means Apple can be less affected by surprises or failures from external partners.