Few years after the introduction of Apple Pay, here is another payment solution that works with the Wallet app on your iPhone. However, unlike Apple Pay, the Apple Card will exist virtually in your smartphone and also physically as a titanium card with your name engraved on it with laser technology. To make the Apple Card, Apple partners with Goldman Sachs, and Mastercard as expected. In support of its new venture, Apple highlighted that its Apple pay platform had crossed the 10 billion transaction mark and will be accessible in more than 40 countries.
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Once you sign up with your iPhone, you can begin to use the Apple card with Apple Pay in a couple of minutes. Key to the usage of this payment option is retail support and it is at 70% in the US, 99% in Australia and a very low figure in Africa obviously. As an incentive to use the payment method, Apple is offering 2% cash back on Apple Pay transactions, 3% on Apple purchases and 1% on physical payments using the Apple Card all on a daily basis. The daily incentive thing gives it a bit of an advantage as opposed to the monthly system in others.
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Furthermore, it won’t be charging any penalty interest rate, international fees or annual fees which gives it an edge. I mean who likes extra charges? Also, you can get your issues resolved by messaging the customer care service directly from your messenger. On the other hand, for security, there is no card number, CVV number, signature or expiry date on the card. All of this information is available in the Wallet app locked away with Face ID or Touch ID.
The Apple Card will be coming to the US sometime in the third quarter of this year on the Wallet app. However, there is no word on when it will be coming to the other countries yet.