Thursday 25 April 2019

Apple targets banking with launch of new credit card

Jennifer Bailey, vice president of Apple Pay, at an announcement that it would release its own credit card, called Apple Card
(Photo by Michael Short/Getty Images)
Jennifer Bailey, vice president of Apple Pay, at an announcement that it would release its own credit card, called Apple Card (Photo by Michael Short/Getty Images)
Apple Inc. CEO Tim Cook speaks during a company product launch event (Photo by Michael Short/Getty Images)
Adrian Weckler

Adrian Weckler

Apple has launched a new credit card called Apple Card.

The card, backed by Mastercard and Goldman Sachs, has no fees and dispenses with pin numbers, expirations dates, signatures and ‘CVV’ security numbers.

The company will let users sign up for the Card on an iPhone and load the Card digitally onto their phone’s Wallet app.

A physical credit card by Apple has also been launched.

Apple Inc. CEO Tim Cook speaks during a company product launch event (Photo by Michael Short/Getty Images)
Apple Inc. CEO Tim Cook speaks during a company product launch event (Photo by Michael Short/Getty Images)

Apple says that the Card will be a US-only service “for now”.

The system will provide a daily cashback system and bills will show businesses' names, not codes. The Card will also allow users to keep track of spending by category.

The move will be seen as a major shot across the bows of banks. It will also be a significant challenge to the rapidly growing payment service Revolut.

Apple also launched a news app called News+, which will be available in Europe later this year, and Apple Arcade, a gaming platform.

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