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Is Apples move into finance with the launch of a credit card a good idea for the tech giant?

YES, says Andrew Mitchell, vice president at JCB.

Despite the steady growth of Apple Pay, its relatively early for Apple in the payments sphere. However, this product could be a catalyst, strengthening Apples position in financial services as well as reviving its slowing iPhone sales.

The product itself is a masterstroke, especially for Goldman Sachs, for whom the brand affinity with Apple is a high prize. Apples device and app expertise means the package looks very futuristic and is wrapped with titanium appeal, plus Mastercards broad global acceptance coverage.

The US credit card market isnt as strenuously controlled as the UKs for interchange fees. When married with Apples growing ecosystem, it creates a great opportunity for those involved to offer an array of everyday-usage customer benefits, such as cashback, reduced consumer fees, and financial management tools.

This could indeed be the perfect bridge-product for an increased “appification” of spending; leading us to believe that Apple just took one small step towards a giant leap into our financial lives.

NO, says Sophie Lewis, chief strategy officer at global full-service marketing agency VMLY&R.

As if Apple doesnt already take me for everything Ive got and try to get me to connect everything to everything, its now throwing in a credit card.

Yes, it sounds a bit consumer-champion in tone (no late fees, great), but it feels like yet another way to lock me into Apple Land and throw away Read More – Source

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CityAM

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