Apple claims NO FEES! None!
Except their own presentation shows foreign transaction fees on a statement.
pic.twitter.com/gJvm3aguKH
we can only see what we think is possible...
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Apple claims NO FEES! None!
Except their own presentation shows foreign transaction fees on a statement.
pic.twitter.com/gJvm3aguKH
Speaking of fees, they claim low interest rates, but fine print shows “13.24% to 24.24% based on creditworthiness”, which is a big range & also standard for credit cards. Plus, you do pay more for missed payments (again, typical industry terms).pic.twitter.com/HF9gZgtkie
A note on usability: Apple touts no card number on the physical card! No CVV! Security! Privacy! Yay! Ok... but what happens when I want to pay somewhere w/o Apple Pay or Safari? Do I have to open Apple Wallet and key enter everything? Sounds like a PITA.
That said, text-based customer assistance is pretty nice, so there’s that.
Big winners in the traditional payments world here are Goldman Sachs (new entrant in consumer cards!) and MasterCard.
I have no special insight into how MC beat out Visa, but I have a hunch they were willing to do stuff V wouldn’t (new rules or backing up the
truck :-).
All in all, Apple Card is a cool development in the payments world, and the impact on Apple Cash will be especially interesting to watch (P2P payments & Apple Pay activation).
One thing to add: the death of $V and $MA is typically grossly exaggerated, but Apple Card could become a big threat if Apple Cash gains traction & keeps funds w/in ecosystem and/or acts as a bridge to banking directly w/ Goldman, cutting networks out of txns when possible.
That's a really big "could" given all the other ecosystems in play. Plus, the real use wouldn't be P2P if it's a bridge to whatever consumer account Goldman creates; it would be payments (POS, bill) and those are going to be over Mastercard's rails, right?
Curious. Why would apple pay cash be over mc network rails? It's their proprietary balance.
Apple Cash payments wouldn’t if P2P, but if they go to a merchant, the merchant needs a way to route funds to its account, and typically the only way that happens is via a card network (or check/ACH).
Folks, great insights. At some point all Apple Pay Cash funds will be direct to merchant outside the traditional systems. This I know for certain. Not tomorrow but in the next few years.
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