Apple Card and FedNow raise the payments competition bar

Five imperative conversations for your strategic planning session this fall.

“Hey, Siri, please apply for an Apple Card…”

I (Richard) applied for and received an Apple Card in less than three minutes, all in the privacy of my own phone, inside the Apple Wallet app. Most fields were pre-populated, securely leveraging the single sign-on, multi-factor and biometric authentication functionality of Apple Pay (e.g., Face ID, Touch ID and device ID).

The Apple Card raises the bar for true mobile account opening and instant issuance, a standard that no other financial institution can match. Last week, Goldman Sachs (the bank in the background) didn’t know me; yesterday, within three minutes, it extended me a generous credit limit that I could start spending immediately.

Leveraging SSO access to Apple Pay credentials, Goldman now has exclusive access to billions of iPhone users. I received my Apple Cash rewards the next day after making purchases. I also have the option to pay any amount daily or the full amount early, if I wish.


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