During the pandemic era, Apple has continuously diversified its business activities and provided financial solutions to its customers. To achieve this goal, the tech giant has partnered with the banking behemoth Goldman Sachs.
With this collaboration, Apple is firmly stepping into the stock market by planning to introduce a stock trading feature on the iPhone. This is part of a broader strategy to enhance financial services offered through the company’s ecosystem.
Originally, this new feature was slated for launch in 2022. However, Apple had to announce a temporary delay in the project, citing market conditions as the reason, despite the project’s infrastructure being nearly complete.
Nonetheless, this remains an ambitious effort aimed at providing millions of iPhone users seamless access to the stock market, further democratizing the world of investing.
Notably, if the trading feature is introduced, Apple is likely to become a formidable competitor to existing brokerage platforms and trading apps.
It’s evident that stock trading has become a potential approach for financial companies to retain customers and enhance interaction on their platforms.
Apart from Apple, other tech companies are also making significant strides in this area. Elon Musk’s social platform, formerly known as Twitter, is aggressively integrating stock and cryptocurrency trading features through a partnership with eToro.
PayPal also had plans to initiate stock trading after hiring a key industry executive in 2021. However, the company abandoned those plans due to challenging market conditions.