CNBC is reporting Apple was working on a stock trading service where iPhone users could buy and sell shares on the stock market. The service was meant to launch in 2022, but reportedly Apple shelved the plans once interest rates started climbing and the market tanked, fearing Apple users would invest and then lose money.
The service was in development in partnership with Goldman Sachs. The pair switched gears and developed the Apple Card high-yield savings account feature instead, which launched earlier this year and has been very warmly received by users.
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