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A A few weeks after his fun conversation with memes "Tim Apple", Apple CEO Tim Cook is back in the spotlight, but this time for all the right reasons. The company he runs recently announced the launch of several new products, sparking a bit of enthusiasm among tech geeks around the world.
One of the most promising introductions seems to have been the Apple Card, the attempt of the technology giant to break into the financial space. It aims to make the credit card experience safer and more user-friendly for all Apple Pay users, while offering attractive commissions. It should be noted that Jennifer Bailey, Apple's vice president of Apple Pay, was quite adamant at a fortunate event that the Apple Card was not an attempt to disrupt the credit card business. Still, I can not help but notice some signs that the Apple card may be disrupting the decades-old industry whether or not society wants it to happen.
In fact, Bailey may have his reasons for animated denial. After all, if Apple openly admits to being in conflict with banks and financial institutions that generally issue credit cards, this could open up to regulatory scrutiny. Since regulation as a financial institution does not seem to be acceptable, it is probably better to claim that it has nothing to do with space.
Why do I say that the Apple card has the potential to disrupt the credit card industry?
The credit card market is clearly an overcrowded space in search of some innovations and Apple seems to give it to us. Although the underlying technology of this product is not very innovative, the Apple Card seems to have achieved the security objectives through its security and convenience factors.
Issued in badociation with Mastercard and Goldman Sachs, the Apple Card does not need a physical card to be used. Everything is at your fingertips and the details are saved on the Apple Pay account of your iPhone. Even the Titanium card, the tangible product intended to be slipped into non-Apple Pay compatible stores, is devoid of any physical data logging..
There is no card number, no CVV, no expiry date and no sensitive details. It's simply a laser engraved card that will not give in to a pickpocket or a burglar.
This simple yet ingenious tactic provides a level of security that is still unmatched by established credit card providers. In addition, the ease of use of the iPhone application of the credit card of the iPhone adds to their comfort. The user-friendly interface makes it possible to acquire eye-catching cards, because its artificial intelligence algorithm promises to identify and display the trends of a user's spending habits in order to contribute to an efficient management of his money. . Although these tips are only interesting additions, the real convenience comes from the ease with which the user can get a credit card. No lengthy application process or high fees, the Apple Card is yours whenever you want.
the Daily cash The Apple Card feature promises an instant refund of 2% for each use and a 3% refund when you purchase Apple products. Apple says it will keep interest rates "among the lowest in the industry" and promises not to charge international or excessive fees or penalties. While repayment rates may not be too impressive in such a competitive market, Apple's paid credit card service appears to have gained significant points with a plethora of penalties and fees.
Some critics quickly claimed that the Apple Card was not revolutionary enough to warrant disruptive status. However, I am willing to call the Apple Card a disruptive product for the simple reason that it has dared to bring the wind of change in the space of several decades.
As JPMorgan Chase and Citi In competition with each other to offer interesting connection offers and discounts to credit card users, Apple is subtly changing the way users interact with credit cards. Making use of the low entry barrier guaranteed by its Apple Pay connection, the technology giant is taking steps to create a simple change of habit among credit card users. Although the product may not be revolutionary enough for us to stop and look at it, the movement is surely daring enough to deserve our applause.
Tim Cook predicted that the Apple card will be
"The most significant change in the credit card experience in 50 years."
This may not be true and it is unlikely that the product will be as extensive as it hopes. However, whatever its long-term ramifications, it is certainly a stepping stone to much needed change.
Just for that, Apple deserves all the credit of the world!
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