Apple Card Archives - Gizmochina

Apple Card Users Hit a Milestone, Earning Over $1 Billion in Daily Cash Rewards in 2023

Oğuz Çakır — Tue, 30 Jan 2024 20:17:17 +0000

iPhone, MacBook, AirPods, iPad, Vision Pro, and much more. The number of products and services that Apple has integrated into our daily lives is increasing almost every day. One of these is the Apple Card, which the company introduced a few years ago in a limited number of regions. This credit card, usable for all kinds of purchases, including Apple products, gained significant popularity, especially among users in the United States. In fact, the card became so popular that Apple Card users earned more than $1 billion in Daily Cash in 2023. Here are the details…

Apple Card Users Earned More Than $1 Billion in Daily Cash in 2023

The popularity of the Apple Card in the United States is increasing almost every day. According to the company’s statements, there are more than 12 million users in the U.S. However, this number is not sufficient for the American tech giant. Therefore, a while ago they launched a reward program called Daily Cash. With this program, users started receiving 2% of their spending with Apple Pay back in cash instantly. The campaign was so successful that Apple Card users earned more than $1 billion in Daily Cash in 2023.

“We created Apple Card with the aim of promoting users’ financial well-being. It’s gratifying to witness over 12 million customers leveraging its features to make sounder financial choices,” stated Jennifer Bailey, Apple’s VP of Apple Pay and Apple Wallet. “In just five years, we take pride in what we’ve achieved for Apple users. Looking ahead, we’re enthusiastic about ongoing innovation, investment, and enhancing the award-winning experience. Our goal is to offer users more tools and features to support them in leading healthier financial lives.”

Unfortunately, you can’t use the Apple Card if you’re outside the United States. Even within the U.S., Goldman Sachs is the company handling this service. The main challenge lies in securing permissions from different countries and forming partnerships. Despite these obstacles, there’s still potential for positive developments in the future.

Apple working on proprietary payment processing tech for its finance products in the future

Sean — Thu, 31 Mar 2022 11:47:35 +0000

Apple is apparently working on a new payment processing technology for a multiyear plan to expand its financial services and products. The company is developing in house technology that will help it reduce its reliance on its partners in the financial sectors.

The news arrives from Bloomberg, with the report stating that the Cupertino based giant is developing a payment process tech and infrastructure. This will involve processes like risk assessment, fraud analysis, credit checks, and dispute handling, which is similar to most financial services. Furthermore, the brand is reportedly even planning on building tools to calculate interest rewards, approving transactions, and more.

The report adds that a part of the project is internally dubbed as “Breakout,” and will involve Apple’s shift away from its current financial systems. As of right now, the iPhone maker relies on its partners like Goldman Sachs Bank and CoreCard for the Apple Card, Green Dot for Apple Cash, and Citizens Bank. But with this new project, Apple will bring all of its financial services for its future products in house. At the moment, it already Apple Card and Pay, but might soon offer subscription services for its hardware and even a “buy now, pay later” option in the future.

The report states that the buy now, pay later option will be the first product from the company to launch within its new system. This will include an option for a four payment option called “Apple Pay in 4” and an option for a long term payment plan through the “Apple Pay‌ Monthly Installments.” Keep in mind that even if the report is true, it will take the brand a while to work on develop its financial services and infrastructure. So, its say to assume they are a while away for now.

Apple Card may soon launch internationally, as Apple acquires UK banking startup

Sean — Wed, 23 Mar 2022 14:48:25 +0000

Apple has just acquired another new firm. This time, the iPhone maker has bought Credit Kudos, which is a UK based open banking startup. In other words, we might soon be looking at the international launch of the company’s Apple Card.

For those unaware, Credit Kudos aims on helping lenders make more informed decisions by offering insights and scores based on loan applications that are drawn from transactions and loan outcome banking data. Back in April 202, the startup began raising funds of around 6.5 billion US Dollars in investment. As of right now, the company is reportedly now valued at around 150 million US Dollars.

According to three people close to the matter (Via The Block), the acquisition deal with Apple was concluded earlier this week. At the moment, Credit Kudos’s Website Terms of Use link now redirects to Apple’s Terms of Use. It is currently unclear what the Cupertino based giant has planned for Credit Kudos, although, it is likely that it might use its technology to launch the Apple Card in the UK. The region is among the brand’s most important markets and with the Card being its main credit product. It has a huge potential in the market.

Apple only offers this product exclusively in the United States. But with the acquisition of Credit Kudos, the company will even gain access to the open banking sector of the UK. Additionally, the brand might also be able to modify Credit Kudos’ technology to work with the US’ growing open banking sector. This could even further bolster the Card’s credit checker. But this might just be an exclusive UK only plan as well.

Vivo might launch its own version of Apple Card dubbed VivoCard

Sean — Thu, 05 Aug 2021 10:02:06 +0000

Vivo is apparently the latest Android brand that is planning on entering the finance segment and to compete with the Apple Card. A new trademark filing has suggested that the company is working on its own card dubbed VivoCard.

According to a DroidMaze report, the Chinese smartphone maker has just attempted to trademark “VivoCard.” This trademark is filed under international classifications, which implies that the brand is likely to launch the VivoCard outside of its home country of China as well. Back in 2019, the Cupertino based giant had launched its apple Card as a credit card that was linked to Apple Pay. Now, Vivo might be the latest Android vendor to launch a service similar to Apple.

Recently, other Android brands like Google have been reportedly working on their own versions of the Apple Card. Notably, Samsung Pay Card is already available in the UK, while the Huawei Card has also been launched. Recently, we had even reported on Oppo possibly working on an Oppo Card after a trademark filing had surfaced. So, it won’t be surprising if Vivo also launches its own card as well. Unfortunately, it is still too early to know for sure, so stay tuned for more updates.

Oppo may launch its own Credit Card, similar to the Apple Card

Sean — Thu, 01 Jul 2021 07:38:59 +0000

A new report has revealed that Oppo might just be working on a new finance based product. A recent trademark filing has revealed the name “OPPO Card”, which might be similar to the Apple Card that was launched back in 2019.

For those unaware, the Apple Card launched back in 2019 and saw great success. It was an attempt from the iPhone maker to “revolutionize” the credit card market and now, it seems that the Chinese tech giant might aim to follow suit. As per a recent filing on a Chinese Trademark portal, the brand has filed for the OPPO Card under International classification – 9, which has an application number 57108414.

The news arrives from a DroidMaze report (Via AndroidHeadlines), which found that the trademark filing has yet to be approved as of right now. Furthermore, the finer details regarding this card are also unknown at the moment. Although Apple Card arriving with certain security features and the added benefit of having no fees, it might also imply that Oppo could follow a similar path with its own card. Meaning, we could see its own implementation of security and other interesting features.

Notably, another Chinese company had also launched its own version of the Apple Card. Back in 2020, the Huawei Card was unveiled, meanwhile, Google is also rumored to be working on a similar product. So, it would arrive as no surprise if Oppo is actually working on its own card as well. Although, it is still too early to tell so stay tuned for more, as we will be providing updates when additional information is available regarding this matter.