Apple has introduced several financial services in the last few months, but none have actually been launched. Apple Pay Later was announced in June 2022 and was expected to arrive in September of that year but has been delayed. Similarly, Apple partnered with Goldman Sachs to offer a savings account to Apple Card customers in October, but that initiative has yet to materialize. Now two of these projects and the other two seem to have been delayed further.

Bloomberg’s Mark Gurman announced that two more fintech projects are currently in development at Apple. This is a subscription program for iPhone hardware and an extension of the Pay Later program called Apple Pay Monthly Installments. Both of these projects were reportedly delayed due to engineering issues. Apparently, building a next-generation financial platform for calculating interest, credit checks, and rewards is overwhelming for Apple. Internally this is called Project Breakout.

Projects don’t stop despite not meeting deadlines. In fact, Apple Pay Later was tested with corporate employees a few weeks ago before rolling out to retail employees in select regions earlier this month. Gürman expects the feature to be generally available by March or April, regardless of a specific iOS version. On the other hand, the release date of Apple savings accounts through the Goldman Sachs partnership remains uncertain.

The release of Apple Pay Later is also tied to the unannounced monthly payment program Apple Pay. This venture is designed to serve larger transaction amounts and requires an internal lending subsidiary. Essentially, Apple will need to measure traction for Apple Pay Later before announcing this extension.

Finally, an iPhone subscription service was expected in 2022 or 2023 but has yet to arrive. Its goal is to make it easier for customers to use Apple’s expensive hardware without paying a significant upfront amount. Overall, while Apple appears to be making progress with most of its fintech startups, recent engineering and technical issues have prevented it from launching them publicly. For all that being said, if the final report is to be believed, we should soon see some of these services go public.