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After gradually being deployed to testers over the last two weeks, Apple Card has been officially launched to everyone. Parallel to this launch, Mastercard and Goldman Sachs are touting their new partnership with Apple.
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First, Mastercard's North American operations president, Craig Vosburg, turned to CNBC today to outline the security behind Apple's Card. Vosburg explained that although having no card number on the physical media contributes to security, even stricter security measures are taken behind the scenes.
Vosburg said that Mastercard blurred the 16-digit card number in a way that only Goldman Sachs and herself can recognize. If the card number appears somewhere it should not, they can kill it instantly:
We take the digital representation of this 16-digit number and the drafts [it] in a code that only Goldman Sachs and we can recognize. We know where it should be used. We know that it is intended for use with this Apple device and if it appears elsewhere, we know it has been compromised and we can kill it.
Meanwhile, Goldman Sachs chief executive David Solomon sent a memo to employees this morning to celebrate the launch of the Apple Card. Solomon explained that while Goldman's new partnership with Apple is important, "it's also a start".
Apple Card is Goldman's first major foray into the consumer banking sector through its Marcus division. Solomon said he expects the company to become a leader in the next ten years.
Apple Card is great, but it's also a start. In the absence of true inherited technology or a longstanding consumer business to defend, we are in a position to innovate, unlike many in the industry. In the coming decades, I expect that we will be a leader in our consumer business, just as we do for our institutional and corporate activities, with the customer centric in mind. heart of everything we do.
You can register for Apple Card without invitation by accessing the Wallet app and tapping the "+" sign in the upper right corner. Here is more about Apple Card:
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