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Are you ready to give Apple all of your money?
Since the advent of Apple Pay back in 2014, Apple has slowly but surely rolled out a number of other financial-related products: Apple Cash (née Apple Pay Cash) in 2017, the Apple Card in 2019, the recent Apple Pay Later service, and just this past week, the new Apple Card savings account.
It’s a lot of interest—if you’ll pardon the expression—in the financial realm for a company that tends to be focused on cutting edge technology, especially given that, in the U.S. at least, the banking system is anything but.
Nevertheless, with all of these various offerings, Apple seems well poised to become something a bit like a bank in its own right. Why would Apple want to be a bank? Well, in the apocryphal words of famous bank robber Willie Sutton: “that’s where the money is.” But to zoom out and take the 35,000 foot view, there may be even more of a long game playing out here.