Apple’s credit card, which is made out of titanium material and is expected to be available this summer, has been partially revealed.
Apple joined hands with Goldman Sachs and MasterCard and decided to issue its own credit card that can be linked to ApplePay. It is estimated that Apple will make $50 billion in profit annually until 2021.
According to foreign press and relevant industries, Apple is getting ready to release a new-concept credit card that utilizes electronic currency function and biometric verification (fingerprint, face).
It is applied with Apple Cash Pay and it has no personal information such as credit card number written on it. Apple included fingerprint and facial recognition for security purpose and it designed its credit card so that it uses OTP (One Time Password) when payments are made.
Apple has formed a new payment electronic wallet alliance by working with MasterCard and Goldman Sachs.
There will be pros and cons with Apple preparing to issue an actual credit card and breaking away from a concept is based on every payment being made through a Smartphone. It is heard that Apple has been preparing relevant patents since 2009 which is earlier than Samsung Electronics and LG Electronics.
It is expected that there will be another warfare on patents within credit card-based payment market.
Apple is planning to make final announcement on Apple Card and its plan to link Smartphone and POS (Point of Sale) sometime during June at the earliest.
It is confirmed that Apple’s credit card has a fingerprint sensor chip inside of it. Apple is preparing special savings and benefits by linking ApplePay and its new credit card. It is planning to give 3% payback on daily purchase, 2% on payments made by ApplePay, and 1% on payments made by the credit card.
As a result, battles between Apple and SamsungPay and other credit card industries has been made inevitable.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com