Apple keeps on pushing itself to increase its dominance in the virtual world. Now, Apple wants to rule the virtual payment method as well, and it might as well do so by winning over the credit card users with its newly launched Apple Card.
The Apple Card is a virtual credit card that built into the iPhone Wallet app, and is being touted as the new credit card killer. The Apple Card has been specifically designed to replace an iPhone user’s traditional credit card. This card is much more difficult to hack or avoid credit card frauds. Apple offers many more benefits as well like daily cashbacks. And the primary benefit of the Apple Card is its privacy features apart from the cool security features. According to Apple, the unlike the conventional credit cards the usage of the Apple Card will not disclose information like where a customer shopped, items bought or amount paid to the company.
The Apple Card make payments through Apple Pay, and also keep users informed of transactions as well as the minimum payments due, which help the users to track their expenses.
Another highlight of the Apple Card is its dynamic security code, which makes it almost impossible for anyone else to fraudulently use the credit card.
That 3-digit card verification value (CVV) on the back of a credit card offers protection if someone knows your card number and has access to your phone, but CVV can be skimmed by fraudulent ATM machine or fished out by hackers. Apple Card makes this very difficult by rotating the security code. Moreover, the card also protects the users with the help of biometric such as Face ID and Touch ID in the new iPhone models.
Now, for the people who cannot do without a physical credit card, Apple has that too. Apple will soon be introducing its new titanium credit card in association with Goldman Sachs and Mastercard. Apple’s titanium credit cars will not even have a credit card number, thus, making a credit card number thief’s life real tough. To use the Apple credit card, one needs your phone and your face or fingerprint.
The new Apple Card will be available later this summer in the U.S. The banking and credit card data similar to any other sensitive data like financial, biometric and health data will be stored on the iPhone’s security chip, that’s called the secure enclave.
