A new kind of credit card, created by Apple and not a bank, was officially launched on Wednesday, 21 August 2019. In a statement made by the company, the Apple card has been built on ‘simplicity, transparency and privacy, and designed to help customers lead a healthier financial life’.
Apple first introduced the world to its credit card in March 2019. Jennifer Bailey, VP of Apple Pay, says, “the Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone”.
“We’re thrilled with the overwhelming interest in Apple Card and its positive reception,” adds Bailey. “Customers have told us they love Apple Card’s simplicity and how it gives them a better view of their spending.”
According to Apple, the new card is built into the Apple Wallet app on iPhone — this means customers can manage their card directly from their mobile devices. The company says they have managed to reinvent the ‘entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security’.
The card is currently only available in the US. However, Apple has partnered with global payment companies, Goldman Sachs and Mastercard, which has left the rest of the world wondering when the card will hit international shores.
“We are going to start in the US but over time, absolutely, we will be thinking of international opportunities,” says David M. Solomon, chairman and CEO of Goldman Sachs. “Simplicity, transparency and privacy are at the core of our consumer product development philosophy. So we’re thrilled to partner with Apple on Apple Card.”
“We are excited to be the global payments network for Apple Card, providing customers with fast and secure transactions around the world,” says Ajay Banga, president and CEO of Mastercard.
Edited by Jenna Cook
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