Apple has confirmed that its new payment card- the Apple Card – will launch in August.
The announcement came from company CEO Tim Cook on an earnings call on Tuesday. Despite dipping iPhone sales, the company has enjoyed better than expected quarterly earnings, thanks to increased to sales of wearable tech (such as the Apple Watch) and services such as Apple Pay and Apple Music. The Apple Card would add another non-hardwear service to the company’s offering.
First announced in March, the Apple Card was initially mocked by some for its over-engineered titanium design. But that hasn’t deterred Apple, who are betting big on their latest product. Rumours have been circulating for some time that the latest iOS update will contain all the necessary software for the card to work – which along with the news that Apple has partnered with Goldman Sachs, has stoked speculation that the card will launch very soon.
What is the Apple Card?
The Apple Card works in conjunction with an app on your iPhone, displaying a list of recent transactions and a breakdown of your purchases by category. The card itself contains no credit card numbers and no personal information other than your name.
Users will also earn cashback by using the card – 1% as standard, 2% if you use Apple Pay and 3% if you are buying an Apple product.
That Apple Card was announced in March 2019 with a target launch date in the summer. You can watch the announcement video below: