Apple finally has entered into the financial services market, with its first consumer credit card offering, which the Cupertino-based technology giant plans to launch in partnership with Goldman Sachs, this summer.
The card, which is yet to go public, is expected to come mid-summer 2019. Apple is gearing up for the pilot program launch, and says that consumers can directly apply for their card digitally and have the card issued “straight to their phone”.
The new digital credit card is expected to ease the purchase process much further, allowing consumers to make purchases straight from their digital device (smartphone, wearable, etc.). The physical card, which will be available on demand, also boasts of skipping the traditional card number or CVC, which makes it completely safe and secure, safeguarding card customers from fraud tele information grabbers.
Craig Vosburg, president, North America, Mastercard, says, “Using revolutionary security features like TouchID or FaceID, it takes seconds to authenticate and is ready for the cardholder to tap, swipe and check out”.
Adding further, Vosburg says that the Apple card that features token services and M Chip technologies can be stored on a digital device to safeguard it from unnecessary exposures, keeping all important details intact while still enabling fast contactless payments.
Moreover, as per reports, Mastercard is saying that it is currently working on integrating technology to allow for digital wallet payments in transit systems all across the US including Los Angeles, Boston, and Denver. These new transit solutions are expected to go live in over 20 markets in the US, within the next few years.