Apple announced that it will advance into the credit card market with the help of the investment bank Goldman Sachs. This decision came at a time when major players, such as Facebook, showed themselves and are striving to integrate their own payment platform and currency into daily use. But all users are interested in the question, how will this Apple move affect the crypto-industry?
Apple made an announcement at the annual presentation of new Apple phone models, announcing several new projects, focusing on the Apple Credit Card.
Apple Card will work in conjunction with Apple Pay, the company's own payment platform. Apple Pay works with the iPhone and allows users to use the credit card payment method without having it in their hands.
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Release and characteristics of the application
The Apple Card has partnerships with Goldman Sachs and Mastercard and presents its latest offerings to the Apple community.
The payment option will be released this summer and will include several key benefits such as discounts on purchases, no annual, overdue or international fees, as well as more detailed data on card costs, which will allow the client to see how and where the particular transactionTransaction
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Probably one of the key features is the privacy protection feature. Apple announced that it would protect privacy for Apple Pay customers, which means that the company will not have information about where and how much is spent, or what the customer bought. Goldman Sachs will have this information but will keep it secret.
Impact on crypto
The transition to the space of mobile payments and the introduction of cryptocurrency as a mobile payment solution can be a huge obstacle to cryptocurrency.
However, since Facebook has already taken steps to become the next largest provider of mobile payments for social network users, Apple cannot stand still and increases competition in the market.
Cryptocurrencies can be badly affected if Facebook and Apple enter the payment solutions market. Perhaps this may lead to a simplification of the method of payment for the purchase of cryptocurrencies in the future, which will lead to the mass introduction of simpler ways to purchase currencies, such as Bitcoins.
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Samsung has already taken steps to introduce a cryptocurrency wallet on the new Samsung S10 smartphone – more on at cryptobit.media. Rumor has it that Apple wants to implement something similar in the future.
Apple move into the credit card market. Now, it seems, solutions for crypto-payments are still far behind large companies that are finding ways to make mobile payments faster and more convenient.
Editor: Yuliya Soroka