Apple Card could launch in the United States as early as the first half of August. Many believe that the Apple Card would launch alongside the official release of iOS 12.4 but that did not happen.
Citing sources, Bloomberg reports that the launch of the Apple Card is on track for the first half of August. Once it launches, existing iPhone users would be able to sign up for it directly from the Wallet app on their iPhone. The iOS 12.4 update has already added support for Apple Card.
“Apple is a great partner and we together are excited about delivering a product that we think customers will love,” a Goldman Sachs spokesman said in a statement.
Apple and Goldman split up responsibilities for the project. While Apple will be handling the design of the card and the software, Goldman Sachs will handle the underlying infrastructure, payment disputes, handling transaction data, and more. Dozen of Goldman Sachs employees are working on the Apple Card infrastructure at its Manhattan headquarters, with other employees contributing from other remote offices.
The report states that in May this year, Apple expressed issues with some of the underlying tech set up by Goldman Sachs for the Apple Card. The Cupertino company asked for some changes, though they were not big enough to delay the launch of the Apple Card. The card is already being tested by a number of employees at Apple and Goldman Sachs.
While Apple Card will only be available to iPhone users in the US initially, Apple and Goldman Sachs are already talking to regulators to bring the card to Europe.
When it launches, the highlight of Apple Card is going to be its approach towards fees. Unlike other cards, Apple Card will not have any kind of fees — joining, late payment, or otherwise. Apple will also actively encourage Apple Card users to pay off their dues to avoid any kind of interest.
Apple Card will also offer 3% cashback on Apple purchases, 2% cashback on Apple Pay transactions, and 1% on other transactions. The physical card itself is made of titanium and will lack any kind of numbers, unlike traditional credit cards.
Are you excited about Apple Card?[Via Bloomberg]