They clearly intend to dominate the world,

[zakiyatasnim]

No one is changing their business model significantly for funding — at least not yet. That’s where the divide is. Apple doesn’t do much advertising, so the Apple Card is sold with the promise that your data will stay on your devices. The product helps support Apple Pay, which in turn drives sales of iPhones and related services. Facebook will remain an advertising company for the foreseeable future. And sure enough, on the Facebook Pay privacy page, the company gives the example of targeting you with an ad featuring a baseball bat because you bought a baseball glove.

“In the long run, if it means more people transacting on our spain number data platforms, that would be good for our business,” Facebook CEO Mark Zuckerberg told Congress last month.

These initial steps – credit cards, checking accounts, etc. – are probably the way to go for now. “ I don’t think they’re giving up much by doing this ,” says Du Toit. Remember Walmart? In theory, they did it well. The company is now a financial hub for everything from money transfers and credit cards to tax relief.

Still, the tech giants likely have much bigger, more ambitious plans. “ and financial services are certainly part of that ,” says Du Toit. Virtually every move they make is closely watched. Amazon reportedly backed out of one potential partnership for a checking account over regulatory concerns. Apple Card has stoked a firestorm over bias, leading to an investigation of its partner Goldman Sachs. Senator Mark Warner said Google’s proposals require close scrutiny. As tech makes its way toward bank-like behavior, expect more than a few stumbles along the way.