It is one of the biggest companies in the world, with global revenues of more than US$265 billion in 2018. So, when Apple decides the time is right to launch a credit card, the financial world soon sits up and takes notice.
It was back in March 2019 that Apple first revealed its plans for the Apple Card.
Backed by Goldman Sachs and Mastercard, the Apple Card will come in two forms: a titanium bank card that looks as understated and sleek as any Apple product on the market, and a digital card stored exclusively in the user’s Apple Wallet on their iPhone.
It has been in testing for months, according to Apple CEO Tim Cook. And in August 2019, the first Apple Cards are expected to hit the general population.
What are the features of the Apple Card?
Apple has got big ambitions for its Apple Card, the modern software is one of the main differences that will set it apart from competitors. It aims to give users breakdowns of how they are spending their money. It also promises to show users how much interest they are accruing on any debts depending on how long they intend to take to repay them, a move Apple says will encourage people to pay less interest.
And finally, ‘daily cash’ will reward Apple Card users with three different tiers of cashback: 1% on purchases made with the physical card, 2% on Apple Pay mobile payments, and 3% for purchases made from Apple. As you might expect from a service called ‘daily cash’, the cashback you are owed is paid at the end of each day direct into your Apple Wallet.
The world is moving towards cashless
If one of the world’s biggest brands is getting involved with credit cards and mobile payments, the direction of travel is clear: the world is moving towards a cashless future.
In the UK, just 21% of all payments are expected to be made with cash by 2026. Debit cards overtook cash as the most popular form of payment in 2018. And by 2034, the Access to Cash Review predicts cash transactions could be as small as just 10% of all payments.
If you’re running a business, or planning on starting your own in the near future, taking credit and debit card payments should be a key part of your financial strategy. You can’t afford to miss out!
To find out more about how your business can successfully process card payments through a range of different card terminals, visit our Card Machines section.
