First thought: the Apple Card

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I really couldn’t care less that Apple has started to copy Netflix and Amazon and is now also in the content game. I provided my view previously on that topic. So let’s take a look at the more interesting thing that we learned today: The Apple Card. I’ve previously suggested that this might be the best user experience and I think Apple has delivered as is illustrated by today's presentation

A couple of really interesting things are going on here:

  1. While not shown in the video clip, we can assume that instant issuance directly to your phone wallet will probably be reality. This would force all other issuers to follow.
  2. Apple is giving the card away for free with so many incentives that iPhone users will be hard pressed to ignore it. What does Apple get? With the current market share of around 50% iPhone users (in the US), I think it has the potential to put some real pressure on the payment ecosystem, for example to influence new terminal adoption rates.
  3. No PAN! This just might be Apples E-Commerce push by forcing payment gateways to implement ApplePay. A risky move.

Obviously, while this card will not come to Europe or the rest of the world (at least for the foreseeable future), it is clear that Apple has just set the gold standard for how the user experience should be for credit card customers. Banks take note! Also, Revolut has just gained a most formidable competitor in the US.

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