With Apple announcing its new credit card, powered by Goldman Sachs and MasterCard, we delve deeper into the company’s fintech division, explore the implications of the new venture, examine Apple’s financial services competition, and ask whether the Cupertino firm is spreading itself too thin as it expands its services arm and enters into unmarked territory…
INTRODUCING THE APPLE CARD
At Apple’s Spring Special Event (held March 25 at the Steve Jobs Theater), the company made it clear: it wants your money. Introducing Apple Card as a way to “help customers lead a healthier financial life,” Apple lifted the lid on its widely-rumored partnership with Goldman Sachs and MasterCard, as it ventures off into new markets to prop up its shareholder price.
As markets like China become increasingly challenging (not forgetting the US-China battle) and the global smartphone market enters into a period of saturation, the company hopes to deliver to shareholders in new ways: this time, with an Apple-branded credit card that takes it into a whole new sector. Of course, Apple isn’t a virgin in the financial sphere, introducing Apple Pay in 2014, but launching its own financial product is a whole different ball game. Through a new intuitive interface, a lack of fees and a new payment structure, Apple gives consumers greater control and understanding of their debt, and another incentive to stay inside of the iOS ecosystem.
Speaking of fees, Apple hopes to differentiate from competitors like American Express, Chase and Capital One by imposing no annual fees, international fees, fees for making a late payment or fees for exceeding your credit limit. Whilst there are no late fees as such, if you’re late making a payment, it will result in “additional accumulating toward your balance”.
Replacing a plastic card with your iPhone seems like an evolution, and with Apple promising transparency and privacy unlike any other credit card vendor in the United States, it may be on to a winner. But what will the firm do differently from the rest, and will consumers bite?
NEXT-LEVEL FINANCIAL MANAGEMENT
Bu hikaye Techlife News dergisinin Techlife News #388 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Techlife News dergisinin Techlife News #388 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH, POSSIBLY ENDING A YEARSLONG PURSUIT
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.
FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY
Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York City’s subway system.
BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED
President Joe Biden's administration announced this week that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.