Apple Launches Credit Card, What Does It Mean for Crypto?

Mar 28, 2019 at 13:34 // News
Author
Coin Idol
The card is created for convenience and to help the company’s customers gradually appreciate the concept of crypto currency and other financial payment forms.

The U.S. technology giant, in partnership with MasterCard and Goldman Sachs, has announced its new product known as Apple Card, which is largely a digital credit card and will be ready to start working in summer of this year. The card is created for convenience and to help the company’s customers gradually appreciate the concept of crypto currency and other financial payment forms.

“It will have no international fees or over-limit fees, and, perhaps most notably, no fees for missing a payment,” the company’s representative said

Analysts have identified that the card doesn’t include the archetypal posted digits or security code. It includes a benefit plan where the user gets a 2% cash back when he/she uses Apple Pay and around 3% on any purchase conducted through the App Store or iTunes. 

 

There are reinforced security measures, for instance, the two-factor authentication which includes scanning user’s face or fingerprint. 

Threat to Other Credit Cards? 

Apart from Apple Card feasibly encouraging the adoption of more mobile payment alternatives such as crypto, the company could in the future add virtual currencies and tokens directly to its wallet app. 

 

If not, it could launch its own coin, according to the senior analyst Luke Martin, it appears that Apple launching its private coin is a small step for the technology company, since it already owns a digital wallet and other payment services.

 

The cryptocurrency industry has experimented in the credit and payment cards field in different forms. In January this year, a crypto exchange Binance declared its full support of credit cards on its platform. Similarly, Wirex advertises Bitcoin (BTC) payment cards. BitPay integrate BTC spending in a credit card setup.