The American corporation Apple has introduced a new free service to the public. Apple Card is a virtual credit card aimed at replacing plastic cards in circulation. A unique card number is created on the Apple mobile device. To use the service, you need to authenticate via Face ID, Touch ID, or enter a one-time security code.
For Apple Card users, there are no fees or other charges that plastic card owners face daily. Moreover, the service even encourages users by offering pleasant cashback on many transactions.
Apple Card: Virtual Bank Card
The issuing bank is Goldman Sachs, which promises not to share user information with third parties. Mastercard handles support for the global payment network. Overall, everything is professional and secure for Apple Card owners.
Among interesting features for users, the service can calculate expenses and interest rates on purchases in real-time. To monitor expenses, there is transaction labeling with matching of sellers and purchased goods or services.
The virtual bank card Apple Card is a real challenge to all banks worldwide. Financial institutions live off various interest charges from users. The service will not only take away income from banks but also undermine the very purpose of having hundreds of branches worldwide.
Apple decided to crack down hard on jailbreakers (hacking iPhone). The Apple Card service will operate on such devices with restrictions. The company has already announced that all devices with hardware or software modifications are blacklisted. Developers have not yet figured out how to permanently block hacked phones, but work is ongoing in this direction.
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