Apple has announced a transformative new project in the realm of payment, and an expansion upon their Apple Pay service. The Apple Card is a unique credit card for iPhones and offers a range of benefits for consumers.
The new product encourages smart spending for their consumers. Users can track their spending in the Wallet app in addition to a ‘cash back’ programme offering unique rewards. Customers receive 2 percent cash back on all purchases made with the card and 3 percent back on purchases made at the Apple Store, boosting the brand’s overall consumers.
In keeping with today’s obsession with privacy, Apple has announced that any customer data attained from the Apple Card will not be shared with their partners, appealing to the private consumer.
Additional benefits include a lack of service costs including foreign transaction, annual or late fees, and an offer of a titanium credit card which can be used in places where Apple Pay is not accepted.
Apple Pay was first launched in 2014 under a partnership with American Express and Visa, two of the biggest players in the credit card industry. This new development of their payment services is expected to lead Apple into a grand new era.
This project is in collaboration with Goldman Sachs, an American multinational investment and financial support company. Jennifer Bailey, Apple’s vice president of Apple Pay, released a statement praising the new partnership. “To create a credit card as innovative as Apple Card, we needed a bank that was willing to do things that had never been done in the industry before, so we partnered with Goldman Sachs," she explained. "As a newcomer to consumer financial services, Goldman was up for the challenge of doing something bolder and more innovative.”