My take on #AppleCard.
The card will increase customer stickiness, allow Apple to earn credit card issuance fee from #GoldmanSachs & a share of interest fee (as per terms).
Mastercard tie up will increase its acceptance accross platforms and the card will target customers who love #Phygital
For security, Apple has relied on 2 Factors of #Authentication (What I have & Who I Am) contrary to other payment system, which are single factor
Features like no issuance fee, no tracking of txns, map based merchant name (much required), daily cashbacks (3, 2 & 1%), etc are enticing. I liked every bit of it from #productdesign and UI perspective. Though being apple, it will cater to a specific income segment.
Why it will Not work in #India?
We would definitely love all the features #Minus plastic. Bharat #QR and #UPI works with all Smartphones, and are infrastructure lite & interoperable payment system, means least acceptance hardware required. Waiting for UPI to work with credit card.
What it mean for #Banks & #FinTech in India?
Any bank can offer services similar to Apple card minus Plastic and we will have the product ready (assuming Banks want to Innovate & take risk).. Any Takers?