Apple has launched its own virtual bank card Apple Card.
Testing of the product began among random users: the world's agencies reported that the company began sending out invitations to register in the system. Apple Card can be issued through the Wallet application, which will support the operation of a virtual card in the updated iOS 12.4 operating system.
By connecting a virtual card, iPhone owners will be able to receive 1% from any purchases made using it. When paying with Apple Pay, the cashback amount will be 2%, and when purchasing any Apple goods and services - 3%.
“When you buy something with an Apple Card, you get a percentage of your purchase back. Not every month, but every day. There is no limit to how much you can receive. And the funds go straight to your Apple card, so you can use it like cash,” the product presentation notes.
The physical Apple card is made of titanium and has no number, which defines its new level of security. Face ID, Touch ID and unique transaction codes are built into the system. Data about the Apple Card is stored internally, and the chip embedded in the smartphone each time issues a new virtual number for an online transaction or purchase in a store using the device. The card does not imply any service charges.
Apple Pay was first introduced in spring 2019. The company's partner in the project is Goldman Sachs. According to Apple, data on purchases made using the card will not be available to either the company itself or the partner bank. At the same time, the user will be able to control the data on the amount of the purchase, the time and place of the transaction.
According to expert estimates, at first, the launch of a new product will not bring significant profit, but after three years Apple will be able add about 1.4 billion dollars due to the launch of a virtual card. At the same time, the main task of launching a new product is to increase user loyalty to the brand. Earlier it was reported that some Apple employees started using virtual cards as early as May 2019. At the same time, it was announced that the mass launch of the product would take place in August.