Apple changes the world yet again; soon every credit card work like Apple Card

“Apple’s plan to transform the world of credit cards in the image of Apple Card seems to have progressed further than anyone might have thought, thanks to a top-secret project with Mastercard,” Jonny Evans writes for Computerworld.

“The news is that Apple, Goldman Sachs and Mastercard have been quietly working together to make similar technologies available for use by other card issuers,” Evans writes. “Payments Source claims the project has been ongoing for 18-months and means banks will be able to use Mastercard’s system to offer digital-only cards.”

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MasterCard’s “platform carries over many of the features that Apple Card users will get, according to Chris Reid, Mastercard’s executive vice president of cyber intelligence and data services for North America,” Daniel Wolfe writes for PaymentsSource. “To Reid’s knowledge, Mastercard doesn’t have any other issuers signed up for this platform yet. Reid attributed that to the secrecy surrounding the platform’s development under Apple’s strict NDAs. Any bank that wants to launch a card on this platform can do so in six months, he said.”

“Mastercard isn’t offering an exact duplicate of Apple’s ecosystem — many banks probably would be happy issuing plastic cards instead of Apple’s titanium — but Reid emphasized the importance of treating this as the foundation of a digital relationship,” Wolfe writes. “The physical card would be as barren of printed information as Apple’s card is, with most of the details accessible through an app, including a dynamic CVC for online purchases.”

Read more in the full article here.

MacDailyNews Take: Ah, secure payments – maybe not as pretty as a titanium Apple Card – but a change for the better nonetheless!

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