Apple is now coming up with its own payment system. The company will roll out a payment card to a minimal set of users and it will be a virtual payment system which fits the iPhone and permits people to pay from the device.
Apart from using this service, users can also opt for a shiny titanium card for transactions, which will be launched soon. Apple announced the card in March, aiming to draw in iPhone owners by offering a card with 2 percent cash back on purchases with the ApplePay service, no fees, an app to manage related finances, and a focus on data privacy.
Apple said that those interested in the card will start getting sign-up invitations. Only iPhone users can use the card and it processes immediately if approved via the Apple Wallet app and Apple Pay system.
Ben Bajarin, an analyst at Creative Strategies quotes, “If it works, it's one more thing that causes you to stay deeply loyal and entrenched in the Apple ecosystem, even if something better comes along.”
No number will be seen on the card, the card number will instead be placed on the chip inside the iPhone, and the number will be known only when virtual numbers are generated online or over-the-phone purchases when required.