Apple and partner Goldman Sachs initially planned to launch a stock trading feature last year.
CNBC reported how the stock trading feature would have rivaled similar apps such as Robinhood. Having a built-in trading app will allow users to sell and purchase stocks straight from their iPhones. It’s believed that executives pitched the idea of buying Apple shares with cash. The move would have boosted collaboration between the two companies and added to existing services like Daily Cash, Apple Pay Later, and Apple Card.
Project work reportedly started in 2020 when there was a high interest in shares. Apple developed the idea and was ready for a launch in 2022. However, the market worsened and both companies agreed to shelve the idea. It’s said that there was a fear of users losing money in the stock market and instead refocused on a high-interest savings account. There are no news on whether Apple will launch the app or not.