Apple Card holders can now opt to secure their card with a rotating three-digit security code that changes periodically by enabling an advanced fraud protection feature integrated in the iOS 15 update on their iPhone or iPad... More
Apple Card users in the US will soon be able to add other family members to their card account and allow them to build their credit ratings together, as well as jointly track purchases and manage spending... More
Leaked screenshots of a new Google Pay debit card, to be issued by banks partnering with the search engine giant for its planned move into the US banking market, include mention of an option to use a digital version of the card “for Bluetooth mobile payments”... More
Global contactless transaction values will reach nearly US$6tn in 2024, up from US$2tn today, Juniper Research forecasts... More
Retailers don’t like paying the fees for your Apple Card — Bloomberg — “The card, marketed by Apple and backed by Goldman Sachs Group Inc, is designated ‘elite’, which allows it to levy significantly higher interchange fees on each swipe or tap… The cards have long irked retailers. They have no choice but to pay the higher fees for elite plastic if they want to accept any of a network’s credit cards.”
Apple Pay revenue and transactions have “more than doubled year-over-year with over 3bn transactions in the September quarter, exceeding PayPal’s number of transactions and growing four times as fast,” Apple CEO Tim Cook has revealed... More
US Apple Card holders shopping at Walgreens and Duane Reade stores can now earn 3% cashback on their purchases when they use their mobile phone to make an Apple Pay payment with their Apple Card... More
Apple Card is now available to all US consumers, the iPhone maker has announced — and the 3% cashback offered to cardholders who use their card to make an Apple Pay mobile payment for an Apple product will now be available from “more merchants and apps”... More
Apple has instructed its Apple Card issuing partner Goldman Sachs “to approve as many of its 100 million-plus iPhone users in the US as possible” for its new credit card “within the bounds of regulations and responsible lending,” CNBC reports... More
Three-quarters of Apple Pay users are attracted to the Apple Card — and so are 60% of eligible non-users, a US consumer survey conducted by Auriemma Group has found... More
52% of Apple Pay users say they are likely to apply for an Apple Card in the next 12 months, a JD Power survey of US consumers has found... More
The Apple Card starts rolling out today — The Verge — “Apple says a random selection of people who signed up to be notified about the Apple Card will be invited to sign up today… The signup process, which requires iOS 12.4, involves entering your address, birthday, income level and last four digits of your Social Security number. That information is sent to Goldman Sachs, which will approve or decline your application in real time… Once you’ve been approved, your new card will show up in your Apple Wallet immediately.”
Apple financial results — Q3 2019 — Apple — “Apple Pay is now completing nearly 1bn transactions per month, more than twice the volume of a year ago… Based on June quarter performance, Apple Pay is now adding more new users than PayPal and monthly transaction volume is growing 4x as fast… We plan to begin the rollout of Apple Card in August.”
Apple and Goldman Sachs credit card targeting August launch date — Bloomberg — “The Apple Card is targeted to launch as early as the first half of August… People who own an iPhone will be able to sign up for the card via the Wallet app, which will have built-in Apple Card support as part of the latest iOS 12.4 update.”
Apple expands Goldman credit card test to thousands of retail workers — Bloomberg — “The Cupertino, California-based company this week launched an internal beta program for the Apple Card with its retail workers, according to people familiar with the initiative. The move marks the first major trial for the card, which has been used for several weeks by a far smaller set of Apple corporate and Goldman Sachs employees.”
A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser — CNBC — “‘Dude, if that portfolio ever makes money, I’m buying you a beer,’ an employee at the card department of a big bank texted a Goldman staffer… Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks… Goldman is ‘thrilled’ to be partnering with Apple, according to Andrew Williams, a spokesman for the New York-based bank.”
Inside the Apple Card: Mastercard’s ‘digital first, physical optional’ platform — PaymentsSource — “Following about 18 months of secretive development with Apple and Goldman Sachs, Mastercard is ready to bring the same offering to other issuers. Its platform carries over many of the features that Apple Card users will get, according to Chris Reid, Mastercard’s executive vice president of cyber intelligence and data services for North America.”
Apple Card’s colorful packaging revealed ahead of launch — Cult of Mac — “The photos of Apple Card were published by leaker Benjamin Geskin, who claims that Apple employees are now getting their hands on testing units… To activate the Card, customers simply unlock their iPhone and then hold it against an NFC tag that’s hidden inside the packaging. This adds the Card to the Wallet app and lets you use it right away.”
Although the physical version of Apple’s new credit card does not include support for contactless transactions, cardholders will be able to activate it by simply placing it in close proximity to their iPhone, code in the latest iOS beta release suggests... More
iPhone users want the Apple Card — here’s why its appeal could propel Apple Pay — Business Insider — “42% of iPhone users are ‘extremely interested’ in applying for Apple Card… Nearly 8 in 10 customers would be more likely to pay with their phones if they had Apple Card.”