In the midst of a surging equity market, Apple and Goldman Sachs were developing a tool to facilitate seamless stock trading, as revealed by anonymous insiders close to the project. But, due to adverse market conditions, the initiative has been indefinitely postponed, CNBC reported on Sept. 20.

The report, which cited sources close to the discussions, said the app would make it easier for iPhone users with excess funds to invest in Apple shares.

According to the source, Apple initiated discussions with Goldman Sachs during the market frenzy of 2020. The two firms’ collaboration witnessed potential progress, and the initial plans aimed a launch in 2022. However, the project was reportedly put on hold last year due to economic circumstances.

Apple initially partnered with Goldman Sachs in 2019 to introduce a credit card with features including “no fees, daily cash back, and seamless integration into Apple’s mobile devices.”

In March 2023, Apple introduced Apple Pay Later for Apple Pay users to split purchases into four payments with zero interest and no fees. The company uses Goldman Sachs Group Inc. as the lender for the loans needed for the installment offerings.

In April, the tech giant and the world’s second-biggest investment bank announced a high-yield savings account, offering a high-yield APY of 4.15%. Just last month, Apple announced that the savings account “has reached over $10 billion in deposits from users since launching in April.”

PayPal has also been actively considering options for enabling its users to engage in individual stock trading, as revealed by two individuals with knowledge of the company's strategy. As part of this expansion effort, PayPal has recruited an experienced professional from the brokerage industry to head a new division known as "Invest at PayPal," a segment of the payment company that has not been previously disclosed.

However, PayPal's stock experienced a decline in value following a discouraging earnings forecast in 2022. The payment firm has adjusted its profit expectations for 2022 and abandoned its previous year’s ambitious growth plan, announcing later that it would reduce expenditures and redirect its efforts toward its fundamental e-commerce operations.