This week at the Apple Keynote A new credit card was unveiled with the partnership of Goldman Sachs. Along with a digital card, in the summer a titanium card will be available with unique identification numbers that are tied to your phone. This reduces the risk of fraud and also allows for a more native experience. Although they are partnered with a large bank, there are various enhancements to the typical credit card as you get cash back immediately upon purchases opposed to after a month. Often times with cash back cards, you have to opt in to redeem the money back which also requires a lead time. In addition, with Apple’s offering, you can get immediate customer service via text.
This also provides favorable competition for potential newcomers in the payments space who are creating their own forms of currency like Facebook who has a stablecoin coming soon, JPMorgan who is a competitor to Ripple, and possibly Amazon as I noted in my previous post . What Apple also brings an interesting take on is the surfacing of trends on your spending habits that are available to users. There isn’t any word on cryptocurrencies being integrated, but being able to penetrate the apple devices is a good start. Samsung has created a first of it’s kind phone that does allow a cold storage wallet on the device which means it is not connected to the internet while storing the currency. You can read more about it here>>.
With the largest takeaway from the Apple keynote being about being committed to no ads or collecting your data, having more decentralized applications will be more and more prominent this year to build trust from the population that has been quickly lost from entities who have extorted data & privacy.
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