The history of the fintech system begins with the barter systems and it got continuously evolved from central banks to today’s digital banking institutions but it is still surprising us with the new marvels of its technology.
As we have gone digital, digital wallets or digital transactions have become quite common. In fact, there are many startups and small businesses who have also come forward to give their share in this innovation. And Apple which is a magnum opus and comes among the best epitome of inventions is not lagging in this tread.
From the first touchscreen iPhones to Macs, Apple has been killing every game it enters. To the surprise of traditional fintech players, it has also unleashed its products in the financial market as well. The products are Apple Card and Apple Pay.
Apple Pay was released in 2014 but the Apple Card is quite recent and was released in 2019. Since the day of launch, it has been a continuous debate topic about its benefits for users. Keeping that aside, it is also very speculating to know how it can affect small businesses across the globe. More specifically, what benefits will the businesses get by integrating Apple Card and Apple Pay into their mobility solutions?
There is a fact that 90% of mobile users will start using mobile payment by the end of this year. This statistic is enough for the businesses, startups and entrepreneurs who made their investments in mobile app development to rethink more about payment gateways, Apple Credit Card integrated into Apple Pay was one of them.
In this article, we would be knowing in detail about the Apple Card, its working, how it will help the business to cherish, and much more.
What is an Apple Card and how does it work?
“There’s never been a credit card this smart” – Apple
Apple Card or Apple Credit Card is basically like any other credit card but a lot smarter. The product is the outcome of the amalgamation between Apple and Goldman Sachs.
For using an Apple Card, you first need to apply for this card through the wallet only. It will take just a few days for the approval process. You can get either a digital or a physical card. The card is useful for making payments across multiple platforms. The process is the same for the physical Apple Credit Card.
Apple Cards actually live in your iPhone and you can do many things with it which you couldn’t do earlier. Sounds complicated? Let’s just simplify it for a better understanding.
The reason why there is so much hype for Apple’s Credit Card is because of its excellent money management feature. Although you can check the transaction details and other numbers on many other credit cards, you get much more with the Apple Credit Card.
You can manage the card with the Wallet app, which you have to while applying for the Apple Card. You can get every update of the card on this app along with the spending patterns, and you can also track them. It is not like the traditional transaction list. The app color-codes recurring items you spend on and can track your weekly or monthly transactions with respect to the locations they were transacted at.
Benefits of the Apple Card:
There are 4 main benefits of the Apple Card:
- No Fees at all
- Cashback Rewards
- Maps of Purchased made
We will discuss each of the benefits in more detail.
If there is one thing on which no company in this world can match the Apple level, it is security. Whether it is the security of hardware or software, Apple has always been leading the race. It is also true for the Apple Card and Pays. Apple pay purchases are in fact more secure.
When you sign up for the Apple Card for your business, you will get a unique number in real-time which will get stored in the secure element of your iPhone. So, that code would be required when you make a purchase along with the dynamic transaction ID. Further things that may require are Face ID.
Another thing that attracts this about Apple Cards is that the company keeps all data private, and prohibits Goldman Sachs from sharing or selling the data.
2. No Fees:
The reason why small businesses prefer to use Apple Cards is that they can use them absolutely free. Yes, there are no fees involved in the Apple Credit Card. No foreign transaction, annual, late, etc. charges are imposed on cardholders. Now the business will get benefits from this when the users want to use this option.
Another thing that comes into sight is that after the corona pandemic the company had offered temporary relief for payments of March and April to the users.
3. Exciting Cashback:
This is not something unique or extraordinary. Every other credit card company is giving cashback. But Apple is something that will give you a bit extra. The Apple Card users will get 1% cashback on everything and by using Apple Pay they will get 2% cashback.
4. Maps of Purchases Made:
This is something that only Apple can provide. The users can see on a map where they made the purchase but with no merchant codes. Only the store name will be displayed on the map. This eliminates the problem that credit cards often showed minimal location information, up until now.
Benefits of Apple Card for businesses:
1. Online Transaction is the new black:
If you are having an online e-commerce store then you must be aware of the thing that your business model depends upon online sales. Here, Apple Pay for small businesses is like a boon. The users can easily make a payment with the Apple Card using Apple Pay. This results in fewer abandoned cart solutions.
Apart from the e-commerce field, the Apple card as a payment method also works for gaming applications, subscription modeled applications, and on-demand mobility solutions.
2. High-Level Security:
As we mentioned above, Apple Pay is a highly secure and trusted platform for doing online transactions. If you are allowing your users to use Apple Cards on your platform it means you are ensuring their transaction details are highly secure.
And again, this is not a one-time thing but it can result in creating a one-time customer into a loyal one. The security promise is not just a point of relief to users but also the businesses, imparting assurance of protected transactions.
3. Target younger audience:
As we are heading a cashless economy or digital era, a vast portion of its participants are the millennials and younger demographic.
Since the iPhone has been the most popular mobile device among the younger generation, integrating Apple Cards via Apple Pay into your mobile app might just be the push towards the success you were lacking. Also, giving one more option for the online payment gateway is better than good. If you don’t opt for this option, there is a high risk that customers will go for other alternatives.
4. Cashback rewards = increased sales:
As we mentioned above, Apple is giving exciting cash back to the users who are using Apple Credit Card or Apple Pay. It is encouraging users to make transactions through the Apple payment gateways. Thus businesses also leverage this and give users the option of making payments through Apple Cards.
5. Increased Conversion Rate:
The smooth, secure, and easy transactions can ripple down to many deeper levels. One of these benefits is increased conversion rates. When you have higher conversion rates, it will result in more sales, which in turn leads to increased profit.
The only mantra in business is to provide what is in demand. As per the industry experts, we may move from cash and physical cards completely by 2030.
Mobile Applications leveraging Apple Card:
Here are some of the examples that you can follow:
One of the biggest shoe companies in the world, Nike has integrated Apple Payment as a payment method in its mobile app Nike, Nike.com, SNKRS, Nike Training Club, and so on. The company aims to provide a better customer experience to its users and it seems it is working on that.
Not a highly famous company, but T-mobile is a very reputed company in the field of mobile communication as a subsidiary of Deutsche Telekom AG. The company has integrated Apple Pay on its mobile as well as a website too.
You must hear about this company. It is one of the leading on-demand taxi service companies across the world. It provides you with ridesharing, rental helicopter services, JUMP (a rental e-scooter service), and many other domains. It has also incorporated Apple Card into its Uber mobile application and web apps
4. Uber Eats:
Uber Eats is another popular domain of Uber. It extended its arms for the online food delivery service. Although it didn’t succeed much in India but is doing great in other countries. It has also incorporated Apple Cards as a medium of payment.
Last but not least, Walgreens is amongst the topmost companies of pharmacy, based in the US. For providing better services to its users, it has integrated the Apple Pay option on its website and mobile app. The users can make payments via Apple Card using the Apple Pay app.
Apple Pay is like a premium method of payment with high security and exciting cashback. If you integrate this payment gateway into your existing site or iOS or Android mobile app, you can definitely reach us. We, at Amplework, the best mobile application development company is having expertise in meeting such requirements related to mobile apps. We can develop both iOS and Android mobile apps from scratch, convert an iOS app into Android or vice versa, and much more. Let us know your requirements and we will definitely turn them into reality.