In Yesterday’s event, Apple revealed a lot of technologies like Apple TV+ and News+ Service. But the most interesting was Apple Card, a credit card in Partnership with Goldman Sachs investment bank and Mastercard. The card will be available in Virtual and Physical format and can be found within the “Apple Wallet” application. The users can apply for the same card after its official launch. Besides, they can use it anywhere in the world, where payment is acceptable by a Mastercard. Also, the user can pair the card virtually with Apple Pay service, making wireless payments in supported stores.
Apple card will be issued by Goldman Sachs, as Apple said: “New Bank that Believed in Apple’s vision and wanted to take Risky Actions”. Mastercard, one of the biggest payment processor platform in the world joined the project to handle the processing and card issuing side. The existing Apple Wallet app will work as the Credit card management app, and the users can top-up the card or get credit on the same. Thus the users can check the total spending, due dates and many other details on the Apple Wallet app. The credit card from Apple has tons of features and perks, that would attract anyone. With the additional bonus credit amount after spending money with Apple Pay to the waiver of fees are some of the best features.
Additionally, physical Apple card users will get 1 percent cash rebate, 2 percent rebate on digital purchases and 3 percent on digital purchases of Apple products. As 75% of the retailers and store chains accept Apple Pay as a payment method in America, the system will be successful, predicted Tim Cook in the Apple Keynote. Australia is one of the biggest targets of Apple, as almost 99% of the retailers and store chains do accept Apple Pay as a payment method. Apple users will have to apply for the card from the Wallet app and then will get the virtual card with Dynamic Access code in the app itself. They can request a physical card at an additional cost.