Shulou(Shulou.com)11/24 Report--

CTOnews.com, September 20, according to CNBC, three people familiar with the matter revealed that Apple and Goldman Sachs jointly developed a stock trading feature in 2020 that would allow consumers to buy and sell shares on Apple's iPhone. But the project was shelved last year because of market volatility and uncertainty.

The feature will become a competitor to trading apps such as Robinhood, allowing users to buy and sell stocks, according to three people familiar with the matter. A hypothetical usage scenario is that iPhone users can invest in Apple stock when they have extra cash.

The project was launched in 2020, when bank interest rates were low and interest in stock trading hit an all-time high. Apple developed the feature and plans to launch it in 2022. But because Apple and Goldman Sachs shelved the project when the market worsened last year, fearing that users would be disgusted by losing money in the stock market, Apple and Goldman Sachs changed course and launched savings accounts instead. This product can benefit from high interest rates.

CTOnews.com notes that earlier this year, Goldman Sachs launched a high-interest savings account for Apple Card users, offering an annualised yield of 4.15%. Goldman Sachs is also a core partner of Apple's installment product Apple Pay Later, where borrowers can pay in four installments over six weeks without interest or fees.

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