Wall Street Journal reports on the potential of an Apple credit card. According to the report, the Cupertino-based technology giant will partner with the bank giant Goldman Sachs to provide a credit card that integrates deeply with the Apple Wallet.
Apple is already deeply rooted in consumer economics and consumption habits using its products. Millions of global users have debit and credit cards registered against their Apple ID for quick and frictionless expenses.
A large proportion of users also have cards registered in the Apple Wallet app for use with systems that support contactless payments through the Apple Pay system. With that in mind, it is perfectly sensible that the company wants to expand its financial understanding by offering an Apple branded credit card.
Sources claiming to be familiar with the situation suggest that internal testing of Apple / Goldman Sach's credit cards will begin as early as next week. This internal testing will be at the forefront of public launch, which will probably have the same controls and assurances in place for existing cards to ensure affordability.
When released, the suggestion is that the card would allow Apple users to integrate more deeply with the Wallet app on devices like the iPhone and iPad to expose things such as spending habits, set spending targets, and easily and effectively manage balances.
Many challenge banks globally are already starting to offer this fine-tuned control over spending and spending habits, so seeing Apple's level of control is not a shock. Both Apple and Goldman Sachs are exploring options and options to try and replace falling revenues in other areas of their business. The benefits of the card for users are easy to recognize and document, but it will be very interesting to see how Apple's existing financial partners respond to the news.
Cards currently added to the Apple Wallet do not come with any additional functionality other than being able to be used digitally via Apple Pay. In fact, if this partnership means that the card will have deeper integration, it may endanger some relationships. We don't have to wait long to find out the card that is rumored to launch as early as spring.
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