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Apple Card wants to be the “All the one” fintech

With Apple Pay the company took an important step when it came to boosting mobile payments, and now that service is backed by Apple Card, the service that wants to become the perfect ally of users to pay and above all to manage their finances.

It does so with a series of features that in some cases we have seen in some fintech solutions, but also providing money-back options for purchases with the so-called Daily Cash. The service will appear in the United States this summer, and could be the beginning of one of the platforms with more projection of Apple.

Apple Pay was the beginning…

Tim Cook recounted how Apple Pay has become a success and only in 2019 have more than 10,000 million transactions with this mobile payment system.

The coverage and support of shops is remarkable, with 70% of existing in the United States, 80% in Spain or the impressive 99% of Australia, for example. It is expected that more than 40 countries have support for Apple Pay before the end of the year.

But there was a section that they wanted to change. The experience with the credit card, he said, “can be much better”. This is where the CEO of the Cupertino company presented Apple Card, its platform that eliminates fees, offers better interest rates, maintains the principles of security and privacy of Apple and also has some very interesting elements.

For every purchase you get money

One of them is Daily Cash, because as explained by one of the directives of Apple, “every time you spend money with Apple Card, we give you back money, and we do it every day”. That money “is real”, they highlighted in the presentation. You can use it to send it to your friends or use it for any other transaction. The system works returning you 2% of what you pay with Apple Pay, and 3% if you make purchases from Apple.

In Apple Card have also wanted to simplify the management of loans, simplifying them with more transparent payment plans. “All the fees and high interest charged by most banks are not fair,” they said in Apple. With Apple Card there will be no commissions of any kind, and also offer better interest rates – they have not specified which – and without penalties.

The tool has some striking options such as identifying merchants that appear in the card payments extracts and clarifying them so that the user knows where the money was spent without having to decipher that SL or company that position appears in his statement. .

There is virtual card, but also physical

This virtual card has a number stored safely and a PIN that is replaced with Face ID and Touch ID. Privacy is essential, and at Apple they assured that they will not know what you buy, where you buy it or how much you paid for it.

All that monitoring is done on the device, not on Apple’s servers. They also claim that Goldman Sachs, your partner in this platform, “will never sell your data to third parties for marketing or advertising”.

The card can be used internationally provided that Apple Pay is supported by the merchant. The virtual card is integrated into the Wallet application, and in addition to making payments we can monitor our expenses to organize them clearly and easily.

In addition to the virtual card we will also have the option to use a physical card, which is designed in a unique way: there is no card number or CVV, expiration date or signature: only our name. The rest of the data will appear in the Wallet application.

The curious thing about this card, beyond the design, is that if you use it to pay Apple will also return money through Daily Cash, but less: 1% instead of the 2% you achieve with Apple Pay.

Also published on Medium.

Published inFintech

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