Apple (NASDAQ:AAPL), one of the largest Fintechs in the world as well as one of the largest tech firms globally, is expected to soon offer virtual credit cards in a future update of the iOS for iPhone users.
9to5Mac, referencing a Reddit thread for beta users, reports that iOS 17.4 will enable Apple Cash users to generate a virtual card number when Apple Pay is unavailable at the merchant. While Apple Pay, part of Apple’s digital wallet solution, is now widely accepted at most merchants, there remain a few holdouts (looking at you WalMart).
For users that opt into the service, apparently, you will be able to soon generate a card number, security codes, etc., similar to what you get with an Apple Card (a virtual and physical credit card).
In the past few years, Apple has slowly iterated, offering more financial services to its many users. Today, you may access credit – with their card as well as a BNPL product – and savings. Digital cash can be sent and received to anyone and a new feature for scheduled payments was recently set up. Merchants can also accept payments directly on their iPhones – no longer needing a terminal of plugin device for transactions.
Not too long ago, chatter indicated that Apple was considering an investing service but changed direction to offer a savings account, in partnership with Goldman Sachs, after markets became a bit choppy. This probably means an investment service will be released at some point in the future but, as we know, Apple takes its time in releasing new services.
Eventually, Apple will become a neobank (or perhaps a chartered digital bank) as users want fewer financial service providers, not more. The Bank of Apple is around the corner.
