The new Wallet features are designed to attract more people to Apple Pay and keep customers locked into the iOS ecosystem.
Apple will also launch a new payments system later this month that lets you pay someone by tapping your iPhone against theirs. It's a direct competitor toAll of this points to one of the most interesting corners of the Apple ecosystem — a growing suite of financial products within the Wallet app. Many of these features aren't designed to make money for Apple directly, but they do make Apple Pay more attractive for people who haven't tried it yet.
But Apple's new Wallet features are also coming at a time of great economic uncertainty. Inflation is still going wild. Gas prices continue to hit record highs. And there are plenty of very real fears about an upcoming recession. It could be a tough time for Apple to launch a new product designed to get people to buy more stuff if those trends persist throughout the year.
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