Apple Inc. has increasing ambitions in financial technology as it looks for ways to get more directly involved in the financial services industry, according to a report Wednesday.
According to Bloomberg News, the company is developing technologies and tools for payment processing that could support future ambitions. Finally, Apple AAPL, -0.66% could depend less on the partners supporting current fintech offerings like Apple Pay, Apple Card and Apple Cash.
Green Dot Corp. shares GDOT, -5.14%, which facilitates Apple Cash money transfer service, was down as much as 10.6% in Wednesday trading after the report emerged, although it managed to erase some of those losses and end the day down -5.2%. CoreCard Corp.’s stock CCRD, -12.07%, which is said to be conducting payment processing work related to the credit card Apple offers with Goldman Sachs Group Inc. GS, -1.20%, fell 12.2%; Goldman Sachs stock fell 1.2%.
Apple’s shares weren’t helped by the report as they fell 0.7% to embark on an 11-session winning streak. The company did not immediately respond to a request from MarketWatch for comment on its financial services goals.
Apple is currently involved in a number of financial technology projects and uses the support of partners. While Apple Pay is probably the company’s most well-known foray, Apple also has its credit card and installment program for device purchases. Additionally, the company recently announced that it would allow merchants to use their iPhones as contactless payment acceptance devices.
The smartphone giant may have recently signaled its growing fintech ambitions by acquiring Credit Kudos, a company that aims to improve credit ratings. While Apple has not responded to a previous MarketWatch request for the acquisition, the Credit Kudos Terms of Service page currently describes the company as a subsidiary of Apple.