Apple joining the Fintech World

Apple, Goldman Sachs team up on credit card paired with iPhone — The Wall Street Journal — “The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter. The companies hope to lure cardholders by offering them extra features on Apple’s Wallet app, which will let them set spending goals, track their rewards and manage their balances, the people said.”


It was mentioned early last year it was on the cards. Looks like they are much closer to launch now which is very interesting!

The lack of Apple Pay Cash in the UK however, makes me think it won’t reach these shores for a long time.


Yeah, but could spell an issue for Monzo’s North American plans :us:

As it’s just a credit card, I’m not sure it will impact Monzo too much.

Looking forward to seeing how it develops though!


So, being Apple, does this mean that you can only pay/be paid by other Apple users? :joy:

can’t believe it took someone 2hrs to come up with that… :roll_eyes:

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So this is a potential, however with Goldman Sachs having released Marcus in the UK, I don’t think we’ll be too far behind seeing it … Also worth bearing in mind that this is seen as a way for Apple to increase their revenue… so they may speed up the roll out…

Be very interesting nonetheless.

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I wonder if this is a way for Apple to then claim exclusivity of use Apple pay and then charge other cards to use it

That already happens. Apple charges 0.15% of the transaction for companies to use Apple Pay

Oh I did not know that… :grinning:
Is it the same for Gpay

Google Payment Corp. charges merchants no fees for accepting Google Pay.

According to Transaction fees - Google Pay Merchant Help.


Apparently it is less in the UK than the 0.15% in the US but I have no figures to offset it with. Either way, as you say, Apple makes money for every Apple Pay transaction.

British bankers said they had struck a harder bargain with Apple than their US rivals, giving the technology group less money per transaction for the UK Apple Pay service than it receives in its home market. […]

Apparently Google were just too late to the market to start charging fees with theirs.

[…] Apple’s deal with major banks yields them 0.15 percent of the value for each credit card transaction and a half-cent per debit card purchase. Google wanted a similar deal, but Visa and Mastercard just adopted a new “tokenization” card-security system that is transaction free, meaning that payments services cannot charge fees to issuers. Tokenization helps curb data theft by transferring a unique set of numbers instead of the actual cardholder data to merchants. […]


Which sounds exactly like what Monzo and many other fintechs here have been doing for years. Maybe this will work in the USA, as they seem to be a lot more backwards than the rest of the world when it comes to banking technology, but over here, it looks like it will be just another me-too offering.

What a great line. More favorable to banks would surely be the prevalent and most used payment option? Is there data anywhere on that? The split between cash/debit card/“App payment”? Be interesting!

I suppose the counter argument to it being more favourable towards Android (and I’m conscious of not turning this into another Android/Apple thread), is that despite Apple holding less market share, being infinitely more expensive etc etc, people still opt to develop accessories and apps for iOS exclusively, because if they had to pick just one platform, iOS generally wins out as the people who own iPhones tend to spend more.

But I think banks will favour both equally.

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Yeah I think they probably have to favour both equally for market reasons as well.

I found this on Reddit, however I don’t know how legit it is:

I actually can answer this one - mate of mine works for Santander on the Apple Pay/android pay team.
Infrastructure is there and everything’s ready to go but Apple has paused rollout over concerns with brexit and changed to anti money laundering laws. They expect it to be launched in around May 2019

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It is legit from what I know based on where I am employed… nothing official though!

Where do you work? If you don’t mind me asking

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I don’t mind you asking, but I’m not answering!


asking me something awkward that I shouldn’t answer??