By offering financial products like these to consumers and merchants, Apple is integrating itself into every aspect of its customers’ lives while collecting swipe fees and cross-selling its own products.
In July, Apple launched tap-to-pay allowing merchants to accept card payments directly from their iPhones. Last month, the company began offering its own buy now, pay later product giving consumers the option to split payments into four installments with zero interest or fees. The new savings account is only the latest in a series of high-profile financial offerings from the Cupertino technology blue chip.
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