Apple Inc (NASDAQ:AAPL) had been planning a feature for iPhones that would allow users to buy and sell stocks directly from their device similar to the trading app Robinhood, but this was put on pause as the stock market slumped in 2022, according to a CNBC report citing sources with knowledge of the matter.
Per the report, the iPhone maker had been developing the feature in partnership with Goldman Sachs (NYSE:GS), which it has worked with on other financial products, including Apple Card, Apple Pay Later, and Daily Cash Savings.
Work on the project reportedly began in 2020, when interest rates were low and the stock market was booming fuelled by the meme stock craze.
It was slated to roll out at some point in 2022 but was delayed as markets reversed amid fears consumers would blame Apple if they incurred losses using its app, CNBC said.
Efforts were instead directed toward its high-yield savings account Apple Savings, which would benefit from rising interest rates.
Should Apple choose to proceed with the project, the sources told the publication that the infrastructure was “mostly built and ready to go.”
Apple and Goldman both declined CNBC’s requests for comment.
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