Bloomberg may have found one of the pillars of the future of Apple services. Mark Gurman reports in the media that the company would be prepare its own banking infrastructure to be less dependent on other entities. This infrastructure would be deployed in a process that could take years and would be called internally “Breakout”.
Thanks to this, Apple might be able to process your own payments, or analyze the risk involved in lending money to a person. In the United States, this would also include credit background checks (his famous Credit score
If you want to do it right, do it yourself
The first service to benefit from ‘Breakout’ would be the Apple Pay Later service, which would allow consumers be able to pay in installments for a purchase we make with Apple Pay. The decision to make the loan to us and pay the installments would not be made by a bank, but by Apple itself. At least in a rumored option to establish four monthly payments.
It may be a necessary part of this iPhone subscription service that Gurman also leaked. It may be that to make this possible, a banking part is necessary and at Apple they have decided not to entrust this task to any external bank or financial institution. Today, services like the Apple Card depend on entities like Goldman Sachs.
Recall that work is also underway on the “Tap to Pay” service, already confirmed, which allows the iPhone to be used as a payment receiver. Right now it would depend on outside services to make those payments, but with this “breakout” it would all be within Apple’s walls. In addition, this system also has could stimulate the international expansion of all monetary transaction services
The most interesting thing about all this is that it could be done in an intuitive Apple interface, integrated with all its identification systems such as Face ID and without the banking applications that give more than one user nightmares. Little joke: maybe the next credit you want you’ll ask Tim Cook.