Apple launches Goldman Sachs-linked credit card – the Apple Card

By Nikita Chaurasia  Date: 2019-03-26

Apple launches Goldman Sachs-linked credit card – the Apple Card

The American technology giant Apple Inc. has reportedly unveiled its new no-fee credit card, hailed as the Apple Card, which it has developed in partnership with Goldman Sachs and Master Card. The new credit card is pivoting on the tech giant’s mobile payment & digital wallet service, Apple Pay, that has made inroads in the area of merchant acceptance.

Sources claimed that the new card can be used as an alternative payment option in place of Apple Pay. The card is a sleek, minimalist titanium card, which only has the user’s name printed on it with lasers and no other personal information. Sources added that users can conveniently sign up through their iPhones and gain access to the card in no time, after it is available across the United States this summer.

Jennifer Bailey, an Apple executive, revealed that the Apple Card pays around 2 percent cashback on Apple Pay transactions, 1 percent on purchases using the physical card and about 3 percent on direct Apple purchases. She added that the rewards will be ready to be availed on an everyday basis.

According to a report, Apple Card’s wallet screen will be containing all the necessary user information, including the current balance. It will further allow users to make payments, keep a check on their spending and seek real-time information regarding transactions. The report further mentions that Apple has made sure that every transaction is secure and confidential, with a card number for each device which is stored in iPhone’s Secure Element. However, each transaction is safeguarded with a one-time security code that is generated following authentication by means of a touch ID or face ID. 

The invention of the new card is a step ahead into a new territory for both Apple and Goldman Sachs. The first credit card by Goldman Sachs is an innovative drive into consumer financial products after its long-term services to various institutional investors, corporations as well as governments.

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

By Nikita Chaurasia

American electric vehicle maker Rivian Automotive LLC reportedly secured USD 2.5 billion in a funding round led by Amazon.com Inc, T. Rowe Price, D1 Capital Partners, and Ford Motor Co. In addition, the event also saw participation from Fidelity Man...

ICEA forms committee chaired by HP India MD to boost IT hardware sector

ICEA forms committee chaired by HP India MD to boost IT hardware sector

By Nikita Chaurasia

The India Cellular & Electronics Association (ICEA) recently announced the formation of a committee to promote manufacturing and exports of the IT hardware sector. The panel headed by Ketan Patel, HP India’s Managing Director, will set up a...

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

By Nikita Chaurasia

Amazon is reportedly planning to discontinue on-site Coronavirus testing for its warehouse employees in the United States. The retail giant confirmed slowing down the testing by 30th July and will only resume after receiving new guidelines change fro...

Ford partners with Oreo to develop special packaging for owner’s manual

Ford partners with Oreo to develop special packaging for owner’s manual

By Nikita Chaurasia

Ford Motor Company and American sandwich cookie Oreo have teamed up to create special Oreo Thins packages featuring the Ford Maverick pickup truck owner’s manual. The two companies have termed this scheme the “Oreo Thins Protection Progra...

Coca-Cola India to de-emphasize sugary drinks in sports sponsorships

Coca-Cola India to de-emphasize sugary drinks in sports sponsorships

By Nikita Chaurasia

Coca-Cola India Ltd. is reportedly planning to fade out its flagship ‘Coca-Cola’ brand from sports associations and is looking to pitch other products from its portfolio in the country. The decision has been made to reduce risks associat...