Apple is known for pioneering the international commercial market – especially when it comes to mobile systems and devices. The tech giant’s recent transition into the banking sphere is going to change the world of online finance as we know it.
Now that Apple is making a name for itself outside of the networking and connectivity realms, we’re seeing major developments regarding biometric verification, smart home tech, and other aspects of our daily routines.
Read on to learn more about how Apple will change the trajectory of fintech in 2021.
Apple Payments Grow With Mobeewave
This year, Apple acquired a new business to build out the payment aspect of their suite. Mobeewave was created to facilitate seamless and hassle-free monetary transactions.
This new component has made it possible for iPhone users to set up mobile-to-mobile payments, or even tap card transactions.
Using a specific platform for secure fluid payments, it’s easier than ever to send and receive funds with nothing more than your mobile device.
Growing Trust Among Shareholders
A company, in many ways, is only as strong as its benefactors. For publicly traded businesses like Apple, building trust among the base of shareholders can have a direct impact on the growth of the organization as a whole.
By adding more features and seamless banking solutions across theri suite of devices, Apple has managed to stir up investor interest even though we’re in the middle of an economic downturn.
This trend is helping the brand to continue exceeding expectations in the fintech sphere. Some of the new developments the company is expected to add in 2021 include:
- Connected wearables
- Improved cyber security
- Increased blockchain and cryptocurrency options
- Seamless no-touch payments
- Compatibility with external banking and lending programs
Whether users are applying for home financing or car title loans, it’ll be easier than ever to complete the process on your iPhone with these new and improved features.
Increase in Fintech Dependence Boosts Apple Card
From the time we wake up to when we go to bed, we’re using fintech to conduct online actions. The COVID-19 pandemic drove most of the world online, and this has led to an increased reliance on fintech solutions to keep the market running.
This has led to an increased interest in mobile payment solutions and alternative banking options. The Apple Card has created a ton of buzz in this sphere, as consumers head to unique investments and prefer money markets over traditional banks.
Because of this shift, we’re likely to see the Apple Card used much more in the coming months.
Apple Card Provides Inadvertent Support for Banking Industry
When Apple entered the banking sphere, many financial institutions feared the added saturation in the market. But, by expanding the online banking world to Apple’s mobile user base, this decision ended up helping the financial industry as a whole.
The adoption of Apple Cards in the mainstream market has created another avenue for consumers to build a new type of relationship with their banking and credit card issuers.
This form of mobile payment and budget management bridges the gap between the banking and consumer goods avenues.
AR/VR in the Fintech Sphere
Apple is also one of the front runners behind the augmented and virtual reality movement. They’ve consistently created products that help users to blend their digital and practical realities seamlessly and intuitively. Now, it’s possible to access these experiences with just a mobile device.
From social media advertisements to shopping online, brands are relying on AR/VR systems to keep consumers engaged. When it comes to securing and facilitating online transactions, this same technology can be used to:
- Verify purchase information
- Confirm user identity details
- Make more informed purchase decisions
- Connect with banking or retail support staff
From start to finish, Apple is making its way into virtually every aspect of the online transactional process. Whether users are applying for a loan or buying a coffee, they can use their iPhone or iPad to navigate through the entire process.