Apple Card Could Kill Actual Credit Cards And Make Transactions Safer, While Looking Beautiful
Tuesday, March 26, 2019 IST
Apple has tied up with Goldman Sachs and Mastercard, and the physical credit card is made of titanium. But all this goodness is only for the US, for the time being.
It was back in 2014 when Apple launched the Apple Pay mobile wallet app. And today, the company has given Apple Pay its biggest ever update. You’ll be able to take advantage of a new feature called Apple Card, as well as a new rewards program if you live in the US. Starting this summer, says Apple.
Apple Card is basically a virtual credit card that can be integrated into the Apple Wallet app on your Apple iPhone and can be the default payment method when you use Apple Pay to make payments for purchases made in brick-and-mortar stores, online stores and even in apps. The idea is to replace your traditional credit card, and the biggest beneficiary could be the additional security it could potentially provide. The Apple Card details will be stored in your iPhone’s Secure Element, a special security chip used by Apple Pay. Every transaction is authorized with the user’s Face ID or Touch ID authentication, and a one-time unique dynamic security code. Apple says that they also don’t have access to any data about what you have shopped for, where and for how much. This means you will not be tracked by third parties as well for any online purchases.
The Apple Card does not require you to deal with aspects such as a card number, expiry date and a CVV number. If this gets stolen, it can be misused. An Apple Card cannot be stolen.
Apple is also offering eligible users with a titanium physical credit card, perhaps more as a collector’s item than anything else. This will have the user’s name etched on. In fact, this card won’t even have a card number—so much for anyone stealing it.
Apple has made it quite enticing for users to adopt the Apple Card. Every time a user makes a payment usung the Apple Card with Apple Pay, they will receive 2 percent back as Daily Cash. This will be 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services. Apple says they are partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network.
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