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A new report from CNBC has revealed that Apple and Goldman Sachs had planned to launch an iPhone stock-trading feature in 2022 but decided to put it on pause after the market faced some issues.
According to the three sources of the media outlet, the feature was supposed to allow iPhone users to buy and sell stocks. In particular, one of the individuals shared that executives proposed the hypothetical use case that it would let users “with extra cash to put money into Apple shares.” Aside from that, one of the sources claimed that Apple was hoping to use stock trading to attract and keep customers to its platform.
Unfortunately, the sources said that both Apple and Goldman Sachs made the decision to pause the plan due to market decline, which was worsened by inflation. According to the report, the Cupertino giant also acknowledged the possible criticism it could face in case its customers lost their investments using its own iPhone feature. With this, together with Goldman Sachs, it decided to instead push the high-interest savings account, which offers a 4.15% annual percentage yield.
In the end, while the said stock-trading project’s status is “unclear,” the report said that the feature’s infrastructure is “mostly built and ready to go” in case the Cupertino giant wants to continue the plan. And in case pushed, this will be one of the financial projects Apple would have with Goldman Sachs. This includes Apple’s credit card, Apple Pay Later, and the Apple savings account.
