A tipping point for consumer finance? Apple is doing much more than creating a consumer finance arm (ie in the model of GM/Ford) they expanding consumer access to credit beyond their products, based upon the unique “instant” distribution they have and their knowledge of the consumer. This platform will support the distribution of their own unique products (Apple Pay Later) as well as partner products (Apple Card with GS) and instruments core to how consumers pay (V/MA/Amex and domestic schemes).
Apple announced a new service at WWDC 2022 yesterday (Youtube – ~21:00 in). What is it and how does it relate to their recent acquisition of Credit Kudos?