• h14h@midwest.social
    link
    fedilink
    English
    arrow-up
    57
    arrow-down
    6
    ·
    1 year ago

    It’s kind of alarming how smoothly Apple made the transition to being a bank.

    They’re slowly transitioning into the type of megacorp you usually only see in science fiction.

    • CupDock@lemmy.world
      link
      fedilink
      arrow-up
      62
      ·
      edit-2
      1 year ago

      I don’t disagree, but it’s an important distinction to make that Apple is not the bank in this scenario. Goldman Sachs is the bank. Apple is basically just whitelabeling in the same way every store nowadays wants you to get their credit card. Macy’s giving you a credit card with their name on it does not make them a bank. Same goes for Apple.

      • lackthought@lemmy.sdf.org
        link
        fedilink
        English
        arrow-up
        15
        ·
        1 year ago

        and apparently GS wants out of the apple card business (according to some other report I saw)

        so I wonder who would take over if they do leave

        • kaitco@lemmy.world
          link
          fedilink
          arrow-up
          7
          ·
          1 year ago

          Chase and Amex are the biggest names in the game to step up currently. As long as it’s not Wells Fargo, it should be relatively the same for users, regardless.

    • kirklennon@kbin.social
      link
      fedilink
      arrow-up
      19
      ·
      1 year ago

      They’re slowly transitioning into the type of megacorp you usually only see in science fiction.

      Apple isn’t technically a bank in this case, but even if they were, it’s pretty common and not at all a dystopian sci-fi thing. Sony owns a bank. Hyundai owns a bank. In the US, GM made a bank over a century ago, spun it off in 2006 (it’s now called Ally), realized that was a mistake, and bought an existing bank in 2010.

      • Savaran@lemmy.world
        link
        fedilink
        arrow-up
        7
        ·
        1 year ago

        Realistically once a business hits a certain size it’s practically a requirement. There’s not really a good way to be a company with a market cap of hundreds of billions, yet alone trillions and not at least act like a bank in a whole lot of situations. Might as well actually own one.