On Monday, Apple whirled the world of credit cards. The company introduced a new one for itself: Apple Card. So users can use the card to buy various goods and services online and in stores. By initiating the payment system, the tech giant is taking a crucial step to change the payment method. Till date, none of the tech giants, including Samsung and Google, have their own mobile payment system. Apple Pay users will now get a real credit card takeaway along with the Wallet app. The company’s new Apple Pay system will launch in collaboration with Goldman Sachs. It is an American multinational investment company which offers financial services.
Apple also introduced another Apple-marked credit card – a titanium card. It does not include any number CVV security code, date of expiry, or signature like an ordinary card. The company intends to develop more secure purchases. Besides, the payment method will entirely depend on MasterCard’s global payment network. Thus users can use it at any point across the world. The cherry on top is, Apple will not charge any annual or late fees and overvalue interest rates that are among the lowest in the market. The company says it will launch the credit card this summer for Americans. Apple reveals that it will use artificial intelligence and Apple Map to tag the stores in the app.
The company will also offer cash back in the form of daily cash, instead of giving reward points on shopping. Like other Apple products, privacy is the primary objective. Jenifer Bailey, Vice President of Apple Pay, said the company is unaware what users buy, from where, and for what price. Instead of saving data on the server, all the transactional data are collected directly on the device. Apple also assures that its partner, Goldman Sachs, will never sell user data to third-party apps for promotion and advertisement.
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Benjamin is a passionate technology writer. He has covered headings related to technology and Business for First News Columnist. Benjamin has covered happening around the sector for almost five years and has reported arrivals of various gadgets, technologies, games, etc. He scripts articles related to the Business sector. The wide array of topics includes news about tech giants, businesses, executives, the stock market, the automobile market, and much more. Benjamin has covered stories of Tesla, Google, SEC, Nissan, etc.