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Apple Pay’s uncle has arrived! The brand announces that with this product, they have started their own battle against credit card fraud.
Regardless of whether the battle reminds of Game of Thrones, or if it happens safe and sound, you should already know the name of the product: Apple Credit Card.
Just when one launching storm of technology has calmed down, another storm arises. Apple expands their product range again – this time with the uncle of their payment solution, Apple Pay.
The new bank service, Apple Credit Card, is developed in collaboration with Goldman Sachs and Mastercard and was launched in spring of 2019.
The idea with Apple Credit Card, according to the brand itself, is that it will work as a supplement to Apple Pay, which gives the user the ability to create an overview of your spending, loans and rewards when you use the app Apple Cash.
Rewards, you might think. When have I last received treats for using money? Nonetheless, Apple has yet again exceeded the limits. Every time you make use of Apple Credit Card, you as a user will receive 2 percent of the amount as a reward - that is the treat - in the form of Daily Cash, which can be used wherever you want.
According to Apple itself, they bet on the future – and according to them, this is the future!
Yet, how do they want to battle credit card fraud? (As it might sound quite familiar already.)
The American tech giant has stated that they will replace the CVV security code on the card with a dynamic CVV code, which changes every time the card is used. Like a snake that molts.
Now, you might think that this is another kind of trick from the big tech giants to be able to keep an eye on us.
According to Apple, they will neither receive information about what you have purchased, where you have purchased it, nor how many gold coins you have used.
Anyhow – Apple has naturally put their own touch on the product, and therefore, Apple Credit Card will come with a titanium card with a design that only Apple could create. And because they also try to create the future, this is a card without any card number or the previously mentioned CVV security code.
So, where is the information going to be kept? Naturally in the same app, where you can keep an overview of your economy: Apple Cash.
Before you say no thanks to Apple Credit Card because you’re scared of the limitations Apple Pay has been known for, you should know that the card can be used in places where you still cannot use Apple Pay.
And if you even have a newer iPhone in your hands, you can even more so look forward to being able to use Touch ID or Face ID – because that is exactly how each purchase will be approved.
Welcome to Apple Credit Card! Welcome to the future!
Emil uses his expertise to make a difference in the financial sector. He studied at the University of Southern Denmark and has been General Manager at Intelligent Banker since 2013, where he has helped more than 500,000 users from all over the world with their financial needs.