What does Apple Card mean for crypto?

26 Mar, 2019 | Updated: 26 Mar, 2019
by Ryan Boltman
News
What does Apple Card mean for crypto?

Apple have announced that they will be moving into the credit card market, with the help of Goldman Sachs. The move comes at a time when major players such as Facebook are looking to integrate their own payment platform and currency into everyday use. How does this latest move by Apple affect the crypto industry?

Apple made the announcement at their annual Apple event which usually involves the announcement of a new upcoming Iphone model. This year saw the company change direction into several new and more focused projects including Apple Credit Card.

Apple Card, as it is being called, will work in conjunction with Apple Pay, the companies own payment platform. Apple Pay will work with the iPhone and allows users to make use of a credit card payment method, without actually having a physical credit card. 

Read more: Samsung entering cryptocurrency: this is how Apple can (and should) follow

Apple Card has partnered with Goldman Sachs and Mastercard in order to bring their latest offering to the Apple community. The payment option is set for release this summer and will feature several key benefits such as rebates on purchases, no annual, late or international fees, as well as more detailed data on card spending, giving the customer the ability to see what and where a specific transaction took place. 

One of the key features is probably the privacy protection feature. Apple announced that it would provide privacy protection for Apple Pay customers, meaning the company would have no data on where and how much is being spent, or what the customer bought. Goldman Sachs would have this information but would be keeping it private. 

Read more: Could Facebook Coin replace the US dollar?

Setback or bullish for crypto?
The move into the mobile payment space could come as a huge setback for the crypto community who are looking to have cryptocurrencies implemented as the next mobile payment solutions. However, since Facebook have already made moves to becoming the next biggest mobile payments provider for social media users, Apple have now entered the forway to add even more competition to the market. 

Crypto payment solutions could be drastically affected by both Facebook and Apple entering the payment solutions market. Perhaps this could lead to an easier method of payment for purchasing cryptocurrencies in the future, therefor pushing mass adoption with easier methods of purchasing currencies such as Bitcoin?

Read more: Starbucks, Samsung and 4 other major companies already working with crypto

Samsung have already taken steps to implement a cryptocurrency wallet on the new Samsung S10 smartphone, and talk around town is that Apple could look to implement something similar in the future. For now though, it looks as if crypto payment solutions are still miles behind the big companies who are finding solutions to make mobile payments faster and easier to do. 

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Read more about: Apple Bitcoin (BTC)

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