Apple is looking to bring its je ne sais quoi to finance, as they’re reportedly looking to launch their own credit card sometime later this year.
The Wall Street Journal broke the news, reporting that Apple are currently trialing the card out with Apple staffers. Apple has teamed up with finance bods Goldman Sachs on the idea, with Goldman Sachs spending a reported $200m on infrastructure for the card, including customer support and payment handling services.
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WSJ suggests that the reason for Apple’s interest is simple profit: the company already do well out of Apple Pay, which they’re currently rolling out to even more countries, but they’ll make even more cash when you get spenny with one of their physical cards.
It takes advantage of Apple’s loyal fanbase, and by tying the app and experience in with Apple’s visual aesthetic, they could bring people into their ecosystem for spending in the same way as they have recently with the health industry, which Apple has made inroads in with the Health app. Any Apple Pay app around the card is likely to take on elements of popular personal finance services like Monzo or Starling, allowing you to set spending targets or notify you if you spend too much money.
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The card will use the Mastercard payment system, and is hoping to draw in users by offering them extra perks and a single handy interface to take a your spending from a macro level.
Fancy some Apple brand plastic in your wallet? Would rather the tech fruit keeps its hands off your money? We’re here for your thoughts, like a confessional: reach out on Twitter at @TrustedReviews
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
