Why the Apple Card is a smart revolution

Presented during the last keynote of Apple, the Apple Card is already shaking the banking sector. Already present on this market with its Apple Pay feature, the California firm disrupts codes with a credit card ahead of its time.

The first rumors about a credit card made in Apple appeared last February, but few people believed. However, the Californian firm did it well. It partnered with Goldman Sachs Investment Bank and MasterCard to develop a revolutionary credit card. During the March 25 conference, Tim Cook CEO and Jennifer Payey, vice president of Apple Pay, have repeatedly listened to the benefits of this new payment method, but is the Apple Card really so interesting?

Technology at the service of the customer

It is true that the credit card has good arguments. The association Apple and Goldman Sachs offers a product at the forefront of technology and banking. Available in digital – through an application – and physical, the Apple Card allows customers to track the history of its transactions at any time, as was already the case on Apple Pay, but it also offers users to know the location of purchases made via Maps. A good way to ensure the traceability of expenses.

In addition, each purchase is recorded by color according to its category (entertainment, shopping, food and drinks). It is thus possible to follow the total expenses for this or that category over the week or the month.

The application has really been thought to work on iPhone and it feels. Consumers will have access to all their expenses and will know where, when and where they were made. What offer an accurate and real-time overview of its purchases.

Cash back and zero hidden fees

Although this is a credit card, the California firm ensures that no activation fee, use (monthly or annual), nor delay will be charged to the customer. But the most interesting argument that could convince many consumers to take the plunge is the cash-back system put in place.

The principle of cash-back is simple and has existed for a long time now, but is not offered by all banks. Here, the Apple Card offers it in several versions. With each purchase made with the physical credit card, the buyer will receive 1% of the amount of his purchase back, in cash directly to his account. The percentage increases to 2% when shopping with the digital card – or Apple Pay – and 3% for purchases made on all Apple infrastructures (online store, Apple Store, App Store, iTunes). No limit per day is imposed.

Note that this is a credit card, so it is necessary to bail out or refund the expenses made with this card. But here, Apple offers to determine what is the most interesting day to repay your debts based on the interest rate.

10 years ahead of the banking sector

Beyond these positive points for the consumer, the Apple Card is positioned far ahead of other credit cards traditional banks. Good points on the bottom, but also on the form.

At first, the interface of the application is stylized, clean and easily readable, aspects to which the Apple has always accustomed us.

We do not find the visual quality and the same type of information – as easily in any case – on the applications of other banks such as Belfius or CBC. The interface of the Apple Card is clear and precise, but it also centralizes everything without the need for other applications.

In a second time, the physical version of the Apple Card seems to come from the future. In titanium, we find once again the leg of the Apple in its sleek style. It contains only the bare minimum of information, namely the name and first name of its owner and is, therefore, more secure than other traditional credit cards.

The physical version of the Apple Card is useful in institutions where Apple Pay is not available because it includes a MasterCard chip that allows it to pay anywhere without the risk that his data are copied by a curious. You can also pay online with it, just copy the virtual card number in the wallet application.

An Apple signed strategy

We can imagine that the Apple Card will have some success after its launch in the summer of 2019 simply because it is an Apple product. Beyond the need to have a credit card, the Apple Card is a product apart from that many will want to get. It is different from what we are used to seeing and bringing many benefits to consumers, beyond the prestige that comes with all Apple products.

Do we really need it?

Although interesting, one might wonder if the Apple Card is really necessary. This credit card is an opportunity for Apple to diversify its services, a strategy it has clearly established during its keynote.

Today, the payment methods are numerous and one more is not really necessary. However, the concept is attractive, including the cash-back system and the lack of fees that can convince the consumer. This is where Apple could do well and influence traditional banks.

It will take a few more months before seeing the Apple Card in action. Scheduled for this summer in the United States, it could be deployed in Europe in the course of 2019

Paying with your mobile is easy!

Thanks to Paylib, Apple Pay, Samsung Pay or Google Pay, paying with your mobile phone is more affordable than you think. So what are you waiting for?

Did you know? All payment terminals set to accept the contactless card also accept payments over the phone, via Paylib, Apple Pay, Samsung Pay or Google Pay, which use the same technology.

It is designated on the terminals by the oval filled with four curved lines symbolizing the waves of the NFC (Near Field Communication). But some traders sometimes learn from their customers!

And thanks to Paylib and Google Pay, no need to invest in a mobile of last generation. As Benoit Grisoni, CEO of Boursorama, said in launching Google Pay last November: “All Boursorama Bank customers now have the option to pay for their purchases in-store and online, with any mobile device.”

To date, Boursorama is the only major French bank to offer the three main digital wallet portfolios of Apple Pay, Samsung Pay and Google Pay, in addition to Paylib, the French solution, created by a consortium of banks for counter the boom of Paypal, and boost mobile payments. But agreements between banks and providers of digital wallets are multiplying.

By integrating Apple Pay on March 5, La Banque Postale follows the example of Carrefour Banque and the Caisses d’Epargne, the first to conclude with the firm in the apple, in July 2016, followed little by little Fortuneo, Societe Generale , Boursorama, Crédit du Nord then BNP Paribas and HSBC this month of February

In two clicks with Paylib

It’s up to you to see if you draw faster with your card (at the bottom of a wallet in the bag) or your phone! Specifically, the mere fact of approaching your mobile phone from a contactless payment terminal awakens the payment application of the phone.

The Big Banks Paylib banking solution will still require two clicks, one to open the application and the other to validate that this is a payment you want to make, when Apple Pay and Samsung Pay will only require one single click biometric validation (with the ID key or even a facial check with iphone X).

Paylib wants to be very secure, with a click or two more than Apple Pay or Samsung Pay (which annoys some bankers determined to do it at this click too much!).

It’s up to you to judge the art of the customer experience implemented.

Then you put your mobile on the payment terminal to complete the transaction and a beep sounds. Up to 30 euros, there is no code to enter, whether you use your card (contactless) or your phone.

New applications on track

If the services of your bank do not satisfy you, new payment applications or neo-banks open you access to mobile payment (by debiting the bank card that you have enlisted beforehand).

Among the recommended payment applications: Lydia is one of the largest French fintechs with 1.5 million users and includes the CNP insurer in its capital, and compatible with Apple Pay, Samsung Pay and Google Pay; or Max, Crédit Mutuel Arkea application also open to all and compatible with Apple Pay, Samsung Pay, and Garmin and Fitbit wristbands.

The latter allows you to aggregate all your other cards on your own card and to debit the card of your choice, and even to create a payment account .

Among the neo-banks, C-zam opens Apple Pay and Carrefour Pay, Orange Bank offers Orange Cash and Apple Pay; German N26 is one of the few to offer in France Google Pay, in addition to Apple Pay.

Most of these payment solutions are in the starting blocks to associate loyalty programs to make you use your cards and / or refer you to partner merchants to value your data and earn commissions from merchants.


Mexican central Bank plans to launch new mobile payments with Amazon

Amazon has approached multiple banking institutions to offer its loyal customers the opportunity to have a current account. Today, we know that the world leader in online trading has entered into talks with Banxico, Mexico’s central bank.
The giant e-commerce plans to launch a new payment system accessible to the general public.

This confirms rumors that the e-commerce giant is considering launching banking services. Called CoDi, this new payment system will not only allow Mexicans to pay for their purchases online, but also reduce commissions paid in different transactions.

If the partnership is confirmed, Amazon and Banxico will have taken a big step since more than half of Mexicans do not have bank accounts.

CoDi is already under construction

In an official statement, Banxico pointed out that the deployment of the CoDi payment system was scheduled this month. An affirmation that supports the statement of Jaime Cortina, Banxico’s current Director of Operations and Payments. “They also said they could implement it relatively quickly,” he said.
With the latest generation CoDi payment tool and QR codes, customers will be able to make payments online via their smartphone. Same thing for payments in the stores. The service is completely free. In addition, users will not need to pay additional fees.

Financial technology as a way out of poverty

Amazon enjoys a high profile worldwide. Nevertheless, it is the first time that the company is talking with Mexico.
The deployment of innovative scanning technology throughout the Mexican territory is also a first. Both entities face a daunting challenge, especially when last year, only 3.6% of online sales were made in Mexico.
The administration of Andres Manuel Lopez Obrador sees this new financial technology as a solution to take Mexico out of poverty, especially since the use of telephone banking has become commonplace in some emerging countries. China, Kenya and India are among them.