Apple's newest game changer is here! The Apple Credit Card ... what you need to know
- Mark Anthony Torres
- Aug 7, 2019
- 3 min read
Updated: Aug 7, 2019
Apple was the first to become a TRILLION dollar company. Therefore it goes without saying that they know how to develop, make and market revolutionary, market-changing, highly profitable, products.
Enter Apple's latest, game changing innovation. It's not some shiny new gadget, but rather a thin, piece of plastic, or titanium to be exact: it's a credit card.
However, in typical Apple fashion, they took a product or service we've always used, and made it better.
How exactly are they taking a service that has been in commercial use for over one-hundred years, and making it better? And what exactly is Apple's play here, as in what are they attempting to accomplish? The answers are quite simple. Allow me to explain.
Improving upon old school
Applying for a Apple Card will be done easily through the Wallet app already installed on every iPhone. Once approved, the new card, and its money, will be immediately available. Apple is the most popular mobile platform globally because of its simplicity and ease of use. Apple purportedly will bring that functionality to your iPhone by allowing you to easily manage your account with their app.
As well as provide helpful data visualizations regarding your purchasing and finances. Think along the lines of Apple's Activity app and its brilliant, easy to understand, dashboards and reporting regarding your daily exercise, movements and activity.
Security is also a Apple hallmark and their industry leading, layers of authentication and encryption, that come standard on the iPhone, will transcend to the card. Even though the tangible card is mostly a concept since most of your interaction with the line of credit will be digitally.
Customers will receive a card in the mail, but you'll likely seldom pull it out of your wallet. See below for more on that.
Apple's goal
Apple's flagship product, the iPhone has become an integral part of the lives of billions of consumers and is a cash cow for them. We, as consumers, use the iPhone for a great deal of our online shopping such as: Amazon app, music, movies, in-app purchases, etc.
As well as our in-store shopping through Apple Pay, which is an iPhone and Apple Watch feature that allows a user to simply swipe their device at payment terminals worldwide.
In fact, 70% of in-store payment terminals globally have the ability to accept Apple Pay.
Simply put, Apple wants a piece of every transaction you make. Whether it's a $2 avocado at your local, Apple Pay, accepting grocery store. Or an $2,000 TV at BestBuy or Target.
If you use their financial service, their credit card, they'll get a piece of that transaction.
Envision billions upon billions of transactions occurring daily! That will add up very quick for Apple and equals even more profit.
It's that simple. Apple realized they are already facilitating or interacting with billions of transactions a day. Now they want a piece of the action.
Some quick facts:
The card is backed by Goldman Sachs
It's in pre-release now to a select few individuals, with wide release later this month
You're still subject to a credit check in order to get approved
The application process will be through your Apple Wallet app
For more information visit their website at apple.com/AppleCard
Mark Anthony Torres is a writer, futurist and seasoned global technology expert with nearly 20 years of industry experience. He's passionate about simplifying technology and making it easy to understand. To get in touch, leave a comment below; email him at bizdev@markanthonytorres.com or call him at 248.786.7070.
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