Apple had plans to let users trade stocks on their iPhone

Apple almost developed an investing feature that would have allowed users to purchase and trade stocks directly on their iPhones. This feature was reportedly in the works during 2020, reports CNBC, but Apple eventually abandoned the idea as markets began to decline in the past year.

According to the report, Apple began working on investment features for the iPhone during the Covid pandemic, when interest rates were at an all-time low in the US. The conversations about this project reportedly started in 2020, around the time of the meme stock craze.

Originally, the feature was scheduled to be introduced in 2022. However, sources familiar with the matter tell that Apple was concerned about possible user backlash if the investments made resulted in losses, eventually scrapping the project, at last pivoting to a high-yield savings account.