March 25, 2019
Apple has announced a major expansion into the digital payments space with Apple Card, a payment card built directly into the Apple Wallet app on iPhone that allows users to manage their finances on the device.
The payment system, developed with Goldman Sachs and Mastercard, will be available this summer and will give users cash back on purchases. Apple has developed a titanium card for account holders to use at merchants that don’t accept Apple Pay. The card bears no number, expiration date, CVV code or signature, making it more secure than traditional cards.
"Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone," Jennifer Bailey, vice president of Apple Pay, said in the announcement. "Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance."
The card charges no late fees, over-the-limit fees, annual fees or international fees. And the app can show users what their interest payments would be for a purchase depending on how long they plan to spread out the payments.
Users get 2 percent cash back on regular purchases and 3 percent cashback on purchases from Apple.
Customers can sign up for the card in minutes through the Wallet app on their iPhone and use the service right away in retail stores, in apps or at online sites. Customer service is available 24 hours a day using Messages and customers can get real-time transaction and balance information using the Wallet function.
Also today, Apple announced a new subscription-based television service starting in May called Apple TV Plus, which will feature original programming from major artists such as Stephen Spielberg, Jennifer Anniston, Oprah Winfrey and Reese Witherspoon.
Customers will be able to buy premium services à la carte. Pricing has not been announced for the video service, which will be available via iPhone, iPad and Apple TV.
Apple lastly introduced Apple News Plus, an app-based subscription service that allows users to read more than 300 popular magazines, newspapers or digital publications for $9.99 a month.
Topics: Card Brands, In-App Payments, Mobile Apps, Mobile/Digital Wallet, Mobile Payments, Retail
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