Saturday , April 1 2023

Tim Cook confirmed the release of the Apple Card in August – News Technology – Technology


The long-awaited credit card from Apple and investment group Goldman Sachs is just a few weeks after its introduction on the market. Tim Cook, Apple's executive director, announced that the tech giant will begin offering the new card to its users in August.

During the company's fiscal third quarter financial report, Tim Cook said so "Apple employees used the Apple Card in beta test", and confirmed the launch of the product for the next month, although it did not specify the day.

The introduction will be the culmination of an intense and advanced development process for the Silicon Valley giant and the bulky Wall Street. That date implies that the project is progressing as scheduled for launch between July and August, which Apple first announced in March.

IPhone users can request the card through the Wallet app, which will have integrated support for Apple Card, as part of the latest iOS 12.4 update.

Along with the application, the company will also launch a titanium physical card, which will be available for use in locations that do not accept mobile payments. Another striking feature of the product is that it will return to its users a percentage of the money that purchases made with the card, with a repayment called "Daily Currency".

In addition, the company explained that the card will not have annual fees, late fees or fees to leave the authorized money limit.

The close collaboration between Apple and Goldman Sachs represents one of the most ambitious trials between an old-world financial giant and a technology company. It also involves an association of two very different corporate cultures.

The companies shared the project's responsibilities and worked together on the new technology, according to sources familiar with the topic, who asked that their identity not be disclosed because it is a private process.

"Apple is a great partner and together we are excited to offer a product that we believe customers will like", a Goldman Sachs spokesman said in a statement.

In March, Goldman Sachs, CEO David Solomon, and some of the bank's top executives visited Cupertino, California, to attend the long-awaited announcement of the card.

On stage, Tim Cook and Apple Pay, Jennifer Bailey, broke the news with Apple's characteristic expectation. The association's large media coverage helped Goldman Sachs capture attention on its financial products strategy for the mass market.

While the bank has long been a Wall Street institution, its approach to new consumer-oriented business is recent. For
Apple, credit card is considered as a way to create more repeat revenue from iPhone users and boost them even further in their service network

The companies shared the responsibilities for developing and managing the project. Apple designed the card and will handle its iPhone software interface.

Goldman Sachs is responsible for the underlying infrastructure, manages payment disputes, processes transaction data, and collects information for monthly statements.

This investment group currently has dozens of people working on the product of its headquarters in Manhattan, New York, as well as other employees dedicated to satellite offices.

* With Bloomberg@TechnosferaET

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