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Apple’s New Credit Card Solution; Good Or Bad News For The Cryptoverse?

Tech giant Apple has unveiled their brand new credit card which they have dubbed Apple Card and boy are we excited!

The announcement was made at their famed Apple events where normally people await the new IPhone but this year Apple surprised us all with some new gadgets up their sleeve including their decision to enter into the credit card market, a move that Goldman Sachs is helping Apple with.

So, is this new update from Apple bad news for the cryptoverse? One could point out that while other tech giants like Google and Samsung are all for crypto integration, Apple seems to be thinking along other lines entirely.

As per the press release, this new credit card will work with assistance from Apple Pay and is built
“to help customers lead a healthier financial life.” It claims to offer it’s customers with an array of improved services by revolutionizing the way we engage with credit card transactions. With decreased costs, a more simplified application process and less interest, this might be the credit card of the future. However, it also aims to provide enhanced security and privacy and that’s where it spells bad news for blockchain tech.

Increased privacy, less costs and entirely digital? Blockchain based ventures better watch out.

This payment option will be made available to Apple and IPhone customers this summer and other perks Apple Card customers will enjoy include greater control over their own spending and transaction history, little or no extra fees and the promise that Apple itself will have no access to customer data.

With big platforms like Twitch backing out with their crypto payment option and Apple’s entry into the credit card industry, things seem to be making much more sense now. While crypto fans around the world were looking forward to the technology becoming the most popular method of making purchases and transactions, this step by Apple  might be a bit of a setback. However, its not all gloom and doom since crypto is currently being backed by the likes of Facebook so there must be some method to the madness. Right?

Even Samsung’s addition of crypto wallets in their new S10 means that the addition has now become a competitive necessity and anything less is not to be accepted. Whether cryptos and their underlying technology will suffer in the war between big companies is yet to be seen. But we wait for more updates. Anxiously.

Luckily even the Twitterverse wasn’t too let down by this news;

Well, mostly;

https://twitter.com/CryptoBear14/status/1110275239525736449

https://twitter.com/priceanalyst/status/1110523097378107393

Stay tuned to this space for more!

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Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism.

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