Apple in Fintech (Apple Card, Open Banking etc…)

Financial Chat Fintech Chat
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So Apple Card just announced, is basically Monzo but with a credit card instead of a current account. Thoughts?

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Just shows you how far the :us: is behind in fintech. We have more then a handful of banks that does everything that they are showing off

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Has 2% daily cashback on all purchases. Seems quite cool

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3% for Apple purchases…

Looks like they are taking a lot of cues from Monzo et al with the app:

apple_card

and no fees whatsoever :slight_smile: Clever, very clever. More reasons to be part of the Apple ecosystem (along with the cashback).

Goldman Sachs are the issuing bank with Mastercard.

A big focus on privacy and security features too.

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Titanium card haha.

The daily cash is very interesting.

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Want!

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titanium_apple_card

Yes please! :slight_smile:

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US-only it seems

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Shame its US only, for now

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I live posted on Freetrade’s forum. The 2% cashback on Apple Pay is huge and the card looks very nice. Also no fees whatsoever, no late fees, no annual fees, no international fees.

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Gosh that card!

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Bah. Hopefully coming to the UK too…

They’ve really thought it through. A titanium card will be cheap but the manufacturing scale and Apple know-how will help here.

What’s in it for Apple?

  • more reasons to use Apple payments (cash back, security etc)
  • slight nudge to buy more Apple services and hardware to get the additional 3% cashback
  • more reasons to buy iPhones
  • brand reinforcement with the card which will be seen as premium, even with wide adoption

Overall, a very smart move.

Additional thought: trust. People trust Apple way more than banks IMHO (they won’t see GS sitting behind it, only the Apple brand).

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I’m guessing the number of cards they’ll produce will also help in a big way. Plus is it just me, or do you get the feeing the card is designed to never really be used, it’s more of a backup. Whatever the case, it’ll be built to last, so they don’t have to keep issuing new ones.

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I don’t get metal cards, but I do get that card.

Suspect it’ll remain US only for a long time, where’s Apple Pay Cash outside of the US?

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Really hope this will come to the UK by end of the year

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They are just 3 years behind Monzo . Lol

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No fees, daily budgets, logos and maps in the app, sign up in app and start using via Apple Pay straight away.

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Very interesting and I can see this getting popular pretty quickly. Still, odds of this reaching the UK in the next 2 years must be extremely slim.

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