In collaboration with the bank, Apple first launched a credit card in 2019. Earlier this year, the tech giant released its buy now, pay later feature, allowing users to split purchases into four equal payments without charging any interest.
A few weeks later, in April, the company announced another Goldman Sachs-backed product, a savings account providing a 4.15% annual percentage yield. According to a recent report, user deposits in Apple’s savings account had$10 billion. However, the partnership was not without its challenges. Goldman Sachs reportedly suffered a financial setback from managing Apple’s credit card, with an average customer acquisition cost of $350.
on Aug. 30, marking a step forward for the company’s venture into financial services. The license is required for companies providing financial services on behalf of users, which includes both fiat and crypto assets. As a result of the approval, X will be able to custody, transfer and exchange digital currencies. Money transmitter licenses were also issued to X in Arizona, Georgia, Maryland, Michigan, Mississippi, Missouri and New Hampshire.
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