Even though Apple and Goldman Sachs’ relationship doesn’t seem to be on the best terms at the moment, the two companies reportedly worked together on another financial product that was almost launched last year. According to CNBC, these firms worked on an investment feature for consumers to buy and sell stocks.
The information comes from three people familiar with the matter. This product was eventually shelved when markets turned south, and Apple and Goldman Sachs worried that this Robinhood-like function would make Apple customers lose money.
CNBC explains: “Apple’s conversations with Goldman began during that hype cycle in 2020, two sources said. Their work progressed, and an Apple investing feature was meant to roll out in 2022. One hypothetical use case pitched by executives involved the ability for iPhone users with extra cash to put money into Apple shares, one person said.”
But with the company being scrutinized by regulators for its App Store practices, Apple could have seen itself in the middle of another controversy if this product had launched.
Besides this financial feature, Apple has partnered with Goldman Sachs for a few other projects, most notably the Apple Card, which has yet to expand outside the US.
Earlier this year, the company released Apple Pay Later, designed with users’ financial health in mind. The service allows users to split purchases into four payments spread over six weeks with no interest or fees. Users can easily track, manage, and repay their loans in one convenient location in Apple Wallet. Users can apply for service loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhones and iPads with merchants that accept Apple Pay.
In addition, Apple also focused on launching another financial product with Goldman Sachs after Apple Pay Later with Apple Card Savings account. With that, users can grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers an APY of 4.15 percent. It comes with no fees, minimum deposits, or minimum balance requirements. Users can easily set up and manage their Savings account directly from Apple Card in Wallet.
That said, if Apple and Goldman Sachs eventually decide to bring this Robinhood-like product to life, it’s all ready to go.