Apple Launches Virtual Credit Card, Touting Security, Fee-Free Model
Apple announced availability of its virtual credit card Tuesday. The virtual card, which has no annual or late fees, is stored in the Wallet app on an iPhone; a "titanium" hard version with a chip can be used at locations…
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that don't have Apple Pay, but it doesn't have identifying information. Users who want to use Apple Card to buy an item online will find their card number, PIN and expiration date in the Wallet app on their phone. Because of the security and privacy architecture created for its credit card, Apple “does not know where a customer shopped, what they bought or how much they paid,” said the company, which is using Goldman Sachs as its issuing bank and Mastercard for its global payments network. Owners of iPhone 6 and later phones can apply for the card via the Wallet app. Users can reach customer support 24/7, said Apple, which uses machine learning and Apple Maps to tag transactions to merchant names and locations in Wallet.