Apple’s virtual credit card goes live

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Apple says a limited number of consumers who expressed interest in the card will start to receive sign-up invitations on Tuesday

San Francisco — Apple rolled out its virtual credit card on Tuesday, working with bank Goldman Sachs on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank's new consumer business.

For Goldman, the issuing bank, the card builds on a foray into its Marcus consumer banking brand, started in 2015. The card is designed to work with the iPhone, where users sign up for the card and can start using it immediately if approved via the Apple Wallet app and Apple Pay system. Apple has focused on privacy, saying that purchase information is stored on the user's iPhone and that it cannot see the information. Goldman will not be allowed to use data for marketing purposes, even for selling other Goldman products.

Source: Loan Digest (loandigest.net)

 

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