The new release is an extension of Apple Pay, the company said, which allows people to pay with their device by adding their card into it. But they now be able to be issued their credit card by Apple.
Entering the lucrative credit card business, Apple has introduced the Apple Card that is built into the Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card on their devices. Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network. According to the company, Apple Card simplifies the application process, eliminates fees and encourages customers to pay less interest and providing a new level of privacy and security.
Available in the US this summer, Apple Card also offers a reward programme with Daily Cash which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day, the company said in a statement on Monday.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,”.
Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide. Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment. A unique card number is created on iPhone for Apple Card and stored safely in the device’s Secure Element, a special security chip used by Apple Pay.
“Goldman Sachs will never share or sell your data to third parties for marketing or advertising,” said Apple.
Apple said that customer service would be done through messaging – asking to change the address on the account can be done simply by texting the company. “It’s as easy as messaging a friend,” Apple claimed during the launch. The card has absolutely no fees, Apple said. People will not be charged late fees or international fees, for instance. The Apple Card will be issued by Goldman Sachs, Apple said, noting it was new to such consumer finance products.