Apple and a Major Bank are Creating an iPhone Credit Card

Apple and a Major Bank are Creating an iPhone Credit Card

Apple wants more of your financial data and with Goldman Sachs it has an ingenious way to do it. The card will offer deeper integration with the Apple Wallet app.

Do you use ApplePay? Now imagine iPhone linked credit cards.

Apple is increasingly turning to (software) services as hardware revenue softens, and the new credit card is expected to generate more revenue than its existing Apple Pay commission.

If Samsung’s foldable and new line of premium phones is a problem for Apple that is over-priced for markets like China, this is a really interesting move.

Apparently Users (of the Apple credit card) will earn 2 percent cash back on purchases and possibly more on Apple products and services, according to a report.

Goldman Sachs would also stand to benefit from Apple’s existing customers, who might not otherwise consider going to Goldman Sachs for personal banking services.

In 2019 JP Morgan is becoming a tech company and tech companies are pivoting into healthcare and banking. I wonder what Amazon’s response to this will be that have thought of collaborating with JP Morgan on a checkings account.

The card will pair with new iPhone software features that will help users manage their finances. Major FANG stocks are in a race for even more useful consumer data including financial and healthcare.

This would be an incredible opportunity for Apple to lure consumers to help them manage their finances as well as creating a killer loyalty program. This also incentives consumers to upgrade their iPhones and user ApplePay more. Recently, Apple Pay transaction volume more than doubled annually.

Bottom line this is a win-win for both Apple and Goldman Sachs and truly a brilliant idea. We’ve known this collaboration was in the works since at least as far back as May, 2018 but these new details are pretty interesting.

Apple and Google essentially need to create subscription ecosystems like Amazon Prime. With Apple’s entry into original content and streaming services, this essentially adds to it. So, Apple is obviously thinking about launching a subscription gaming service to compete with Google, Microsoft, and Amazon here, and as you probably know there has long been speculation that it will eventually launch an “ Apple Prime” service that bundles services and hardware upgrades.

I’m usually more of a skeptic about Apple’s business tactics but this strategy appears very sound. Apple will be golden with credit cards boosting its ApplePlay payments play leading to tighter ecosystem of value.

Apple and a Major Bank are Creating an iPhone Credit Card

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27 Replies to “Apple and a Major Bank are Creating an iPhone Credit Card”

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