A New Addition to the Wallet

We continue to live in a world where centralized financial markets continue to dominate the way we pay and do business. Although I continue to dream about the future where I can use my cryptocurrencies to pay effortlessly that will allow me to also earn most of my income the same way, we are still far off from that adoption. However, I believe there are continued developments that are only going in the FinTech space that are getting us closer and closer to a fully digital environment when it comes to our finances. We have seen over the last decade how companies like Square and PayPal have continued to disrupt the traditional banking system while still catering to their ways.

Today, a major player officially launched their efforts to get their foot in the door. Apple has now launched their own brand based payment card in conjunction with Goldman Sachs which is one of Wall Street’s most infamous bankers in history. While it is a very traditional card, it goes ways that others have by introducing features that cater to a more digital consumer as well as a consumer looking to pay as least as possible with the ability to be flexible. Their card will not have any transaction fees nor will it have an annual fee which many go up against the traditional financial institutions that operate in the space today.

Apple has taken a very digital and seamless approach in their efforts as they continue to demonstrate to the world how they have become a major distributor of the consumer and their spending habits. This is just another way for them to broaden their reach. However, brand loyalty is probably their most valuable asset and I have to admit that I have fallen for it as well. When I saw the announcement, I recalled the original news and remembered that I was somewhat interested as I felt it was a way to look towards the future of digital payments. I even have the hopes that he could eventually lead to a cryptocurrency wallet in the future.

Given the thought of how this could be a benchmark to measure demand in the digital space payment space, I thought I would sign up as well. Therefore, I went through a very impressive and simple process which reminded me of why Apple is so successful in deploying their products and services. From start until finish, it took less than three minutes for me to apply and be able to use the card immediately. I wish that all of the efforts made in crypto wallets was just as easy but unfortunately we definitely still have some ways to improve. I have been through many credit application processes and this was by far the easiest.

As cryptocurrencies gain adoption, I am sure that not only traditional institutions but also technology Companies will begin to create ways to integrate these simple ways of signing up like this one. Even Apple themselves will eventually create a wallet for cryptocurrencies as they will not allow the likes of Samsung to be ahead of them in that space given the amount of attention and growth that blockchain is having across multiple industries. They could be the key to figure out a way to provide a seamless user experience into the blockchain space!

I was quite surprised how much they gave me but am excited to give it a try as they are marketing the fact that they will immediately give up to 3% cash back on purchases made with the card. Of course, these higher cash back rates are associated to their products but I would imagine that retailers and others will be making lines with them to promote themselves by providing similar benefits as they gain adoption on their platform. I also ordered the physical card because, well, why not as it is free. We will see how much this disrupts the market as I am sure that my current credit card Company will notice a change in my spending patterns! My thought is to let them compete for the profits I provide them as long as I can benefit from it!

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