Sep 21, 2023 16:00:00

Reports that Apple was considering introducing stock trading function to iPhone in partnership with Goldman Sachs

Apple has partnered with financial company

Goldman Sachs on its own credit card, Apple Card , and high-yield savings account services . It has been reported that Apple is considering adding stock trading functionality to the iPhone in 2022 in collaboration with Goldman Sachs.

Apple, Goldman Sachs were planning a stock-trading feature for iPhones
https://www.cnbc.com/2023/09/20/apple-goldman-sachs-were-planning-a-stock-trading-feature-for-iphones.html

The stock trading function that was being considered for introduction to the iPhone was said to have started in 2020, when there was interest in stock trading at low interest rates. Initially, consideration was being given to a feature that would allow iPhone users with surplus funds to invest in Apple stocks, and development was underway with the aim of releasing it in 2022.

The feature would have been able to compete with stock trading apps like

Robinhood , allowing users to buy and sell stocks directly on their iPhones, according to an anonymous person familiar with the plan. .

However, as the spread of the new coronavirus subsided, the economic situation worsened, with interest rates rising and rapid inflation occurring in the market. So Apple and Goldman Sachs temporarily suspended a project related to stock trading functionality due to concerns about backlash from users who had lost money in the stock market.

After that, Apple and Goldman Sachs focused on developing a high-interest savings account service for Apple Card users, and a savings account service with an annual yield of 4.15% will be released in April 2023. It was started from.

Apple starts offering savings account service with a yield of 4.15% - GIGAZINE

Foreign media CNBC said, ``The infrastructure for Apple's stock trading function is still almost complete, and if Apple decides to move forward with its plans again, it is ready to make an announcement soon, but there are no signs of that happening.'' '' and reports that there are currently no plans to introduce stock trading functionality to the iPhone.