Apple Pushes One Step Further Into The Innovative World Of Banking And Finance

Apple is reimagining the true definition of what it’s like to be a leading tech firm. The company is pushing one step further to carve a niche in the banking and finance sector.

The news comes after Thursday when the tech company was seen enabling users possessing Apple cards to deposit through automated means their daily cash.

This is what the firm is calling out as a rewards program where cash can be availed back again. Moreover, the funds will be entering savings accounts that give off high yields thanks to Goldman Sachs.

Savings will ensure users with Apple Cards are able to carry on with growth linked to rewards having Daily Cash. And with time, you’re also giving people so much time to save for the upcoming future. The statements were recently put out by an executive at the firm named Jennifer Bailey. She says the new savings product is something that was much needed and can help users in the future.

The company also confirmed recently that there aren’t going to be any fees with this and neither will there be a clause for minimum deposits either. It’s all about minimum balance requirements that are linked to savings accounts.

The big tech firm announced its first collaboration with Goldman Sachs in the year 2019 and since then, the advertising was more related to promoting the endeavor as something that’s created by Apple and is not a bank. But you can’t forget how Goldman Sachs is a bank and has reportedly spent nearly $300 million via development on the card.

When the card from Apple was first rolled out, many tech experts predicted that it was a partnership that would be giving plenty of favor to Apple.

The revenue was outlined be providing great benefits to Apple as the bank is currently bearing all forms of operational and credit risks it possesses, as confirmed by Bernstein.

The news about Apple pushing into the world of banking and finance through savings is a way to showcase how the company is on a move to grab hold of a huge share of the space where a credit card is present.

Thanks to the latest estimates from the year 2021, around 6 million people are using Apple cards. And it’s just a little less than those utilizing credit card names like Visa and Mastercard. On the other hand, when you compare it to Mastercard, well, it claims to have issued nearly 3 billion cards in June of 2022.

Read next: 1 Out of 3 US Teens Now Own an Apple Watch According to This Report
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