Apple has begun to roll out its virtual credit card on Tuesday, working with bank Goldman Sachs Group on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank’s new consumer business, according to Reuters.
Apple said a limited number of consumers who expressed interest in the card will start to receive sign-up invitations on Tuesday.
The card is designed to work with the iPhone, where users sign up for the card and can start using it immediately if approved via the Apple Wallet app and Apple Pay system.
Once you’ve been approved, your new card will show up in your Apple Wallet immediately and be available for use — you can request Apple’s fancy titanium card for free during setup and it will arrive in the mail later. Setting that card up is neat: the envelope it’s in has an NFC tag, so you just tap the phone to it and it activates automatically, no phone call or sticker required.
Below is a series of new Apple Card related videos released by Apple this morning.
At Apple’s size - $265.6 billion in sales for fiscal 2018 - the revenue matters less than the effect on keeping Apple customers tied to its brand, analysts said, said Ben Bajarin, an analyst at Creative Strategies. "If it works, it’s one more thing that causes you to stay deeply loyal and entrenched in the Apple ecosystem, even if something better comes along," he said.
Wider distribution of Apple Card is scheduled for later this month.
Yesterday Patently Apple posted a report titled "Goldman Sachs is Banking on 900 Million+ Apple Customers to buy nice expensive Apple Products this fall with Apple Card."
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