San Francisco: The iPhone maker has launched its first-ever virtual credit card for users in the US with no fees, no card number, CVV security code, expiration date or signature on the card — thus providing more security than any other physical credit card.
Apple is partnering with Goldman Sachs as its issuing bank and Mastercard to provide the support of a global payments network.
Customers can apply for Apple Card through the Wallet app on iPhone in minutes and start using it right away with Apple Pay in stores, in apps and on websites, the company said in a statement late Tuesday.
“We’re thrilled with the overwhelming interest in Apple Card and its positive reception,” said Jennifer Bailey, Vice President of Apple Pay.
“Customers have told us they love Apple Card’s simplicity and how it gives them a better view of their spending.”
Apple Card’s rewards programme, “Daily Cash”, gives back a percentage of every purchase as cash on customers’ Apple Cash card each day.
Customers will receive 2 per cent Daily Cash every time they use Apple Card with Apple Pay, and 3 per cent Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services.
“Customers will receive 3 per cent Daily Cash when they use Apple Card with Apple Pay for Uber and Uber Eats. Apple Card will continue to add more popular merchants and apps in the coming months,” said the company.
To help customers better understand their spending, Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations in Wallet, and provides weekly and monthly spending summaries.
“The unique security and privacy architecture created for Apple Card means Apple does not know where a customer shopped, what they bought or how much they paid,” the company added.
Apple Card is now available to customers in the US with iPhone 6.