In a surprising move that might even look like a step back to those already knowledgeable about the growing world of mobile payments, Apple has unveiled its newest creation: the Apple Card
The Apple Card is a physical card owners can utilize to spend on products and services online and in shops. By tapping into physical credit cards, Apple is entering a space no other media giant has attempted, even Google and Samsung, two business with their own mobile payment systems.
The brand-new card uses Apple Pay, the business’s mobile payment and digital wallet service, which has made inroads in merchant acceptance given that its inception in 2014.
The card is entering new territory for both Apple and Goldman Sachs, its partner in the undertaking. Apple is trying to establish new earnings sources beyond its popular hardware products.
For Goldman Sachs, its very first credit card continues a relatively new push into customer financial products after spending the majority of its 150-year history accommodating institutional investors, corporations and federal governments.
The benefits of the Apple Card
Users will get 2% cash back on digital purchases or 3% on acquisitions from Apple. If they use the physical Apple Card credit card, they get 1% back.
Apple Card will likewise utilize artificial intelligence and Apple Maps to explain where and when transactions took place. And it will provide weekly and monthly spending summaries.
The card, which lets users handle costs and benefits through the iPhone’s Wallet app, was set to be checked by staff members of both business, a person with knowledge of the situation stated last month. It will have no costs of any kind, according to the presentation: No late charges, worldwide costs or annual costs.
Jennifer Bailey, one of the business’s leading executives, discussed, “Even if you miss a payment, we won’t charge you a penalty rate like most banks do,” adding, “Our goal is to make it easier for you to pay down your balance, not harder.”
Apple chief Tim Cook included to the excitement, mentioning the card will represent “most substantial change to the credit card experience in 50 years.”
Apple broadens its television alternatives
While the Apple Card is definitely the talk of the town, the tech giant didn’t stop there.
With features from Oprah Winfrey and Steven Spielberg, the world’s second-most valuable technology company lifted the curtain on a tv and movie subscription service called Apple TV+ that will stream original television programs and movies.
CEO Tim Cook stated this will be an ad-free membership, with everything readily available for online and offline watching, in more than 100 nations.
The business’s long-expected leap into the streaming video battle is years behind leaders Netflix Inc and Amazon.com Inc. Apple overlooked crucial details such as prices, making it hard to assess how its service will stack up against rivals.
Though the day was full of breaking news, the advancements failed to tickle investors’ interest.
Apple’s stock price closed the day down 1.21%.