The Details

Apple has been moving into services recently with their announcement of an Apple streaming site and apple music already out. But the company is taking another step and is reportedly developing a new credit card with Goldman Sachs. The iPhone will have direct access straight to the credit card. This is a major step in the tech world as Apple will now control your device the software and how you pay for that device.

The Security Issue

Although this is a great thing some people are worried about how private their transactions will be hacked or leaked because of the recent tech incidents that have released data. This case would be a lot more serious though because it deals with money and a bank and it could be catastrophic if it somehow got leaked. The apple credit card would be similar to the apple pay cash card. The main difference is that you have to deposit money to apply pay. Some people are saying that this is the beginning of complete digitization. Though the credit card will not need a whole new transaction system as it is on the MasterCard system.

The Partnership

The credit card has some sort of security in the form of the already built MasterCard system. Apple is also working with already established company Goldman Sachs. But the card does come with a catch. Apple will take a larger cut out of purchases then they would be able to if you used apple pay. Also rather than giving you perks the card will be more of a card that helps with financial security with a system that is similar to the fitness rings in the apple watch. This is also going to be a move for Goldman to capture the middle class as a market. This is one of the few ploys they are trying along with Marcus, its money managing app that came earlier.