Behold the Apple Card, the company’s new take on the credit card.
Of course, the Apple card has a number, but the number is in your Apple Wallet, and when you pay with it, like when you pay with Apple Pay, a number is randomly generated and is only valid for that transaction, thus reducing the danger of fraud.
The Apple Card is made from titanium and laser-etched, but in reality, you’ll only remove it from your pocket when you want to show off or pay in one of the fewer and fewer places not kitted out for smartphone payment.
Extra security thanks to its biometrics and Apple Pay’s unique numbering technology, and equally importantly, privacy, the word repeated a thousand times throughout Monday’s presentation: Apple does not know or want to know what you have bought, where you bought it or how much you spent, and Goldman Sachs, although it must have access to that information to process it, has agreed not to share or sell your data to anyone.
As has happened previously when Apple reinvents a product, there will be no shortage of critics pointing out that the ingredients of the Apple Card all previously existed.
The benefits of the Apple Card are hard to beat and may prompt many users to ditch their current plethora of cards while obliging the mainstream banks to up their game.
Tim Cook’s Apple, which some said could not innovate, has already entered into more business areas and reinvented more products than Steve Jobs managed during the historic Apple era.