Apple Eyes Bringing Financial Services In-House

Apple is working on bringing financial services in-house, codenamed Project Breakout. They aim to develop their own payment processing platform, moving away from partners like Goldman Sachs. While not becoming a full bank, Apple plans to introduce new fintech products, including a buy now pay later service and a subscription model for devices. They are investing heavily in engineering talent and acquiring companies like Credit Kudos to enhance their credit check capabilities. Existing services like Apple Card will continue with current partners, but future products will leverage Apple's new infrastructure.

What is the purpose of the buy now pay later service that Apple is developing?

What are the potential impacts of Apple's move to in-house financial services on their existing partnerships?