Apple and Goldman Sachs had grand plans to disrupt the stock trading app market by incorporating a built-in stock trading feature directly into iPhones, as per CNBC reports citing three individuals familiar with the matter.
This would have provided iPhone users with the functionality to trade shares, offering a convenient alternative to platforms like Robinhood. Additionally, Apple executives envisioned allowing users to invest in Apple shares through the feature, a move that would further strengthen the partnership between Apple and Goldman Sachs, which already includes ventures like Apple Card, Apple Pay Later, and Daily Cash Savings.
The project reportedly took off in 2020 when interest rates were low and stock trading was drawing unprecedented interest. While the release was initially planned for 2022, the worsening market conditions last year led to the project being shelved.
Apple and Goldman Sachs were concerned about potential public backlash in case users faced financial losses through stock trading. Instead, the focus shifted towards developing a high-interest savings account feature for Apple Card holders.
Although the project was put on hold, sources say that most of the infrastructure required for the stock trading feature is virtually complete and could be rolled out if Apple chooses to proceed.
As of now, there are no indications that the tech giant is planning to revive this initiative.