AppleCard

On “March 25th, 2019 Apple announced a revolution in how payment cards will work in the future,” Brian Roemmele writes for Quora. “More than just a co-branded credit card, this is a well thought out deeply engineered new Appleproduct.”

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“If one [was] to analyze all of the millions of dollars that [were] wasted on wallets, new fangled ways to pay, new person to person payment systems and other digressions, it would total in to the hundreds of millions of dollars, all lost for no particularly good reason [than] ‘not invented here’ mentality… Appleindeed has rendered many business plans and business models irrelevant and redundant for many reasons,” Roemmele writes. “Unlike any payment device before, Apple Card is fully engineered to an extent that only [a] few companies have achieved in any product and has not been seen before in the payments business. By engineered, I am speaking to not only the technology behind the product but the experience you will have using the product. Apple Cardcompletely rethinks everything about the credit card, breaks it down to the fundamental essence and rebuilds it in modern engineered Apple-like delight.”

Created by Apple and designed for iPhone, Apple Card brings together Apple’s hardware, software and services to transform the entire credit card experience.Created by Apple and designed for iPhone, Apple Card brings together Apple’s hardware, software and services to transform the entire credit card experience.

“When you buy something using the Apple Card, you get a percentage of your purchase back in Daily Cash deposited to your Apple Pay Cash card. Not in a month from now like every other rewards card, but every day. There’s no limit to how much you can get back. The pure brilliance is Daily Cash goes right onto your Apple Cash card, so you can use it just like cash. This is profoundly important,” Roemmele writes. “Nothing has ever been done like this before. Apple in effect is creating ‘new money’ that has no net cost to Apple.”

“When the Apple Pay Cash card user pays any merchant, Apple gains revenue on this transaction. When the Apple Pay Cash card user pays Apple, Apple does not inure any merchant payment fee because they are the merchant and the card issuer,” Roemmele writes. “It is not too early to suggest that over the arc of 10 years, about 10% of Apple pure profits can come from payments alone. I do not arrive at this prediction lightly, the compounding effect is quite powerful.”

Apple's physical laser-etched titanium Apple CardApple’s physical laser-etched titanium Apple Card

“The physical Apple Card is a brilliant and sublime design that many will overlook as being ‘just a plain card,’” Roemmele writes. “I will go as far as to state that the new laser engraved titanium Apple Card, with just your name will become the new ‘white headphone cords’ of this epoch. It is genius brand signaling that will in and of itself drive use of the card.”

Much more in the full article here.

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