Apple announced the release of a new feature for the Apple Cardyour virtual credit card integrated into your payment system. In addition to being able to pay their purchases in installments, users of Apple Pay may invest your money in a savings account, provided by Goldman Sachs. Like Apple Card, the new tool is only available for the United States.
According to Apple, the savings account, which will be integrated with Apple Pay, has a “high rate of return” — so high that the interest rate was omitted from the Cupertino Giant’s blog. It will be possible to configure the Daily Cash (Apple’s cashback program) is automatically deposited. And of course, the user will also have the option to transfer money from Apple Cash or another bank linked to Apple Pay.
Apple Savings: The company is expanding its financial services
The Apple Savings Account will have no fees and no minimum amount for deposits and balance. However, it will be mandatory that the user has an Apple Card. All savings management will be done through the Wallet application, present on the iPhone.
The use of savings money is not restricted to Apple Pay services. Customers will be able to transfer their savings to other banks and, of course, use the amount to top up Apple Cash — a kind of “debit card” for paying for purchases online or in commercial establishments.
With this new addition to the Apple Card, the Apple expands its presence in financial services. Jennifer Bailey, vice president of Apple Pay and Apple Card, said the new feature brings more benefits to users — and yes, it’s true. However, the announcement also shows that the Apple company wants to compete with payment companies and fintechs.
There is still no forecast of when the Apple Card will arrive in Brazil, but with the option of installment and savings, it has a chance of conquering a good audience here.
Apple’s Daily Cash: What is it?
Daily Cash is basically Apple’s cashback and gives the biggest return when Apple Card is used via Apple Pay. When purchasing with the apple company or partner companies such as Uber and Nike, the customer receives 3% of the purchase value back.
In other establishments, also using Apple Card through Apple Pay, the cashback is 2%. The physical card returns 1% of the payment to Daily Cash.