Banks and financial service providers in the United States are growing concerned about the potential expansion of Apple’s financial operations. The concern stems from the recent expansion of Apple Pay in the United States, which could give the company an advantage in terms of data and sales. Experts from the banking sector see three decisive advantages for Apple. Firstly, Apple can integrate financial services directly into the operating system, which draws attention to their offers. Secondly, Apple has access to a large amount of user data that can be incorporated into assessing and granting credit. Thirdly, Apple’s size and financial strength puts several banks in the shade in terms of sales. However, Apple may not venture into becoming a bank itself due to the changing regulations governing the financial industry. Apple Pay was launched in 2014, and the payment function has since been accepted by many banks in different countries. In 2019, Apple collaborated with Goldman Sachs to launch the Apple Card, which is only available in the US. With the introduction of Apple Pay Later and a savings account feature, Apple is expanding its financial services portfolio.