Apple Launches Virtual Credit Card for iPhone Users

Apple Inc has launched its virtual credit card, Reuters reported on Tuesday. The Cupertino-giant joined hands with Goldman Sachs Group Inc for the card’s rollout.

The virtual card was unveiled in March, aiming to draw in iPhone owners by offering a card with 2% cashback on purchases with the Apple Pay service, no fees, an app to manage related finances, and a focus on data privacy.

For Goldman, the issuing bank, the card builds on a foray into its Marcus consumer banking brand, started in 2015.

According to Apple, the virtual card will be issued to those who expressed interest in it. The users will receive sign-up invitations on Tuesday. The card is only supported by iPhone. The selected users will have to sign up for the card to use it and the approval of the card can be processed immediately if the verification is done via the Apple Pay system and Apple Wallet app.

The company will offer an additional physical card made of titanium. But, it will have no visible numbers; instead, the numbers will be stored inside a chip with full protection inside the iPhone. The chip is designed to generate virtual numbers for online or phone verification process.

In terms of privacy, the company is committed towards it as the purchase information stored on the user’s iPhone will not be visible to Apple.

The new virtual card launch is a big boost for Apple.