Apple is nearly ready to accept applications for its new innovative Apple Card option; as reported in The Verge today, the company will start to take applications this month.
Beta testing is going on right now for the company’s new proprietary credit card system in which Apple is building on its current Apple Pay and Apple Cash offerings.
Some of this functionality may be confusing for users who haven’t studied up on all of Apple’s financial options.
It’s important to note that Apple Card will be both a physical card and a digital payment system.
Reporters describing the use of Apple Card suggest that the physical card is really only for times when brick-and-mortar merchants won’t accept an Apple Pay method.
Apple Card applicants will get a physical card in the mail, though, and some may welcome this tangible representation of the card service if they don’t already love waving their device at cashiers.
What the physical card and the digital Apple Card payment have in common is a revolutionary new way of generating verification.
We’re all so familiar with the current 16-digit credit card number, expiration and security code system that we often don’t think about how things could be different.
Apple Card will bring a new random approach – instead of representing a static credit card number and other identifiers, the number will actually be randomly generated on the fly for each transaction.
This brings an enormous security boost, as credit card pilferers will not be able to harvest this information and simply plug it into fraudulent transactions.
For instance, the newest big scandal in the form of Capital One’s data theft situation would not be nearly as compromising for customers who have the Apple Card.
The Apple Card system builds on the device specific strategy of Apple to distinguish itself in the smartphone market, as well as elsewhere in a quickly progressing technology world. Take a look as Apple Card starts going into implementation – because it’s going to be soon. By the end of the summer lots of people will be carrying these random generators in their wallets.
