Apple launched its virtual credit card Tuesday after working with Goldman Sachs on the new iPhone extension, which could help diversify the technology giant’s sales away from hardware.
Apple announced the virtual credit card in March with the aim of attracting iPhone users by issuing a card that guarantees its holder to recover 2 percent of the value of purchases and not pay any fees when using the ApplePay service, an application for managing money and focusing on data privacy.
Apple said a limited number of consumers who showed interest in the card would be alerted by Tuesday’s alerts asking them to register.
The card is designed to work on iPhone where the user can sign up for the card and start using it immediately after obtaining the approval of Apple.
Apple offers the option of extracting an actual titanium card, but this virtual credit card will not carry any numbers. The virtual credit card number will be stored on a secure chip inside the phone and the chip will create virtual numbers for electronic or dial-up calls that require numbers.
Apple Inc. focused on privacy, saying that the purchase information would be stored in the user’s phone and could not see the information. Goldman Sachs will not be allowed to use data for shopping purposes even if this is to sell other Bank products.
Revenue for an Apple-sized company, with sales of $ 265.6 billion in fiscal year 2018, will not be as important as making customers closely linked to Apple’s brand, analysts said.
“If it works, it will be a new impetus that will keep you abreast in the Apple environment even if something better emerges,” said Ben Bajarin, an analyst at Creative Strategies.
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