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Briefing
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- Credit Card – Apple announced own credit card, Apple Card, that can come with physical titanium card without card number, security code, expiration date or signature, on March 25, 2019
- Digital Payments – Enables card holders to pay for goods and services in stores, in apps and via online worldwide through Apple Pay mobile payments platform, while physical card can be used where Apple Pay is not supported yet
- Financial Reports – Syncs with Wallet app to give user summary of transactions and balance in real-time, including merchants’ location through machine learning and Apple Maps
- Cash Back Rewards – Feature called Daily Cash pays back shopper with percentage of purchases made, which can be used immediately or sent to friends and family via Messages
- Minimal Charges – Does not charge annual, late, international, over-the-limit and penalty fees, with interest rates among lowest in industry
- Private and Secure – Payments have to be authorized with Face ID or Touch ID and one-time security code, with Apple not able to know purchases and transaction amount
- Availability – Apple Card initially available in U.S. starting August 2019
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Market Disruption
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Sector
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Financial Services, Information Technology, Wholesale and Retail Trade
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Function
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Customer Experience and Service, Sales and Distribution Channels
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Organization
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Apple Inc.
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Source
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Original Publication Date
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August 26, 2019
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