CUPERTINO, Calif.—With traditional credit unions and banks already wary of its ever-expanding presence, a new report says Apple is well-positioned to play an even larger role in the financial services market with its growing payments ecosystem.
That presence is expected to grow despite some recent product delays, S&P Global Market Intelligence forecast in a new analysis. .
“The conspicuous absence of updates regarding two expected financial technology offerings with Apple's iOS 16 launch this fall implies more details need to be worked out,” S&P Global Market Intelligence said. “But analysts expect Apple will continue to broaden its fintech footprint, and they note a number of advantages that should help the company take some market share in the space. Those advantages include consumer affinity, trust in Apple's brand and an active device install base that the company projects could grow to two-billion globally by the end of 2022.”
A ’Unique Position’
Added Kevin Kennedy, an analyst with Third Bridge, told S&P, “Apple is in a unique position to own the consumer-merchant interaction through the increasing ubiquity of digital payments channels, both in-store and online.”
S&P Global Market Intelligence reported Apple did not respond to requests for comment on the status of two anticipated new fintech products: the company's planned high-yield savings account or its buy now, pay later offering.
As CUToday.info reported earlier, the Apple Pay Later product was announced in June during the company's WWDC22 event for developers. The high-yield savings account offering for Apple Card users was announced in October, S&P Global Market Intelligence added.
Every Morning. The Freshest CU Headlines. For You. For Free. Or Your Money Back
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.