Apple Inc. has officially started rolling out its new Apple Card after five months of the announcement. The card is a virtual payment system which remains in the iPhone and allows to pay with devices. It is released by Goldman Sachs Group, Inc. which is an American multinational investment bank and financial services company and marked by Apple. It includes a range of tech features. Also, users can request regarding shiny titanium card for payments. The company is expected to send out invites to a selected group of customers who presented interest in Apple Card by choosing out the ‘Notify Me’ form on the company website. Apple has released some tutorial videos that offer details about everything. Invited users can sign up for the card in the Wallet App. Users can ask for the physical titanium card. In this month, Apple is projected to launch Apple Card for everyone.
The card is designed and manufactured to operate with the iPhone. In that, users can sign up and use it immediately. It should be supported via the Apple Pay and Apple Wallet app. The card has no visible number. Besides, the number is saved in a secure chip inside the iPhone. Such a secure chip creates virtual numbers for over-the-phone or online purchases. The company has focused on privacy. Goldman will not be permitted to use data for selling other Goldman products.
Apple is going after credit card issuers and banks with its latest offering. The company is focusing to expand from the iPhone and capture further recurring revenue. The card is linked to Apple Pay and can sign up from a mobile device. After purchase, Apple Pay users get a daily cashback of 2%. Also, shopping made with this may get 3% cashback every day. The annual percentage rate on the card is between 13% and 24%. As per managing partner with Gene Munster at Loup Ventures, LLC, Apple Card adoption will be low in the first year. After that Apple Card could generate around US$1.4 billion by 2023. It will add about 1.8% to Apple’s overall earnings.