What Apple's credit card means for Fintech

To the traditional financial sector’s dismay, nightmares have become reality and Apple is now a banking player. After years of discussion about whether Big Tech corporations will enter this domain, details of a payment card were unveiled, threatening to blow all other newcomers out of the water.

Apple Card, launched in partnership with Mastercard and Goldman Sachs, will leverage the success of Apple Pay and will be available as a built-in feature within the Apple Wallet application on iPhone. Boasting the promise of a “healthier financial life,” the new credit card will also offer 2 percent cashback on all transactions – which they will receive on a daily basis, making the most of this new loyalty and rewards trend that some fintech firms and challenger banks are embedding into their credit products. 

Jennifer Bailey, Apple Pay Vice President, added that the intention is for customers to have “a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

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Source: What Apple’s Credit Card Means For Fintech