The Apple Card takes a more aggressively digital approach to credit card relationships than most other products on the market — but the technology behind it isn’t exclusive to Apple, according to paymentssource.com.
Following about 18 months of secretive development with Apple and Goldman Sachs, Mastercard is ready to bring the same offering to other issuers. Its platform carries over many of the features that Apple Card users will get, according to Chris Reid, Mastercard’s executive vice president of cyber intelligence and data services for North America.
“This is digital first. This is, all card details are only available in the digital environment,” Reid said. “Yes it comes with a physical card if you want it — if the consumer wants it — but in that physical card, it’s not going to carry the 16 digit PAN, it’s not going to carry the CVC, it doesn’t need to carry the customer service number or the expiry date.”
To Reid’s knowledge, Mastercard doesn’t have any other issuers signed up for this platform yet. Reid attributed that to the secrecy surrounding the platform’s development under Apple’s strict NDAs. Any bank that wants to launch a card on this platform can do so in six months, he said.
The Apple Card has other features that set it apart, such as the ability to apply for the card within the Apple Wallet app rather than going to a bank branch or website. Mastercard isn’t offering an exact duplicate of Apple’s ecosystem — many banks probably would be happy issuing plastic cards instead of Apple’s titanium — but Reid emphasized the importance of treating this as the foundation of a digital relationship.
The physical card would be as barren of printed information as Apple’s card is, with most of the details accessible through an app, including a dynamic CVC for online purchases.
“We know consumers are looking for something that is digitally oriented, that is enabling them to live their digital lives in a way that they would like to, that carries some spontaneity … and so that’s why we have introduced this: digital first, physical optional,” he said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
