Apple is unveiling its credit card company this month. It announced the Apple Card service at its I/O event earlier in the year. According to Apple CEO Tim Cook, “Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August.”
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The card will come in a physical titanium card form and a digital form. Although, the Apple Card will not use a traditional 16-digit card number, neither will it have a CCV code nor expiration date. To identify the owner, the wallet will generate these numbers randomly during every transaction to secure purchases.
In a bid to protect privacy, the numbers will be generated on-device. The crediting company, Goldman Sachs will also not be able to track and see where the purchases the user makes on the device.
Apple has also said they will offer incentives for cashback rewards. For example, they would give 2 percent back on purchases made with Apple Pay. They will also give 3 percent back on Apple store purchases.
It is unsure if these services will be available in Nigeria and what incentives they will have. It will be great for Apple users in this part of the world to have access to these services so that they can make purchases from foreign companies.
The exact date of the launch is yet to be announced but an update will come to the iPhone Wallet app soon.