Diversify, diversify and more diversify. The Cupertino company is launching more and more different products on the market, in a more constant and more creative way. The last invention of good old Tim Cook was precisely a credit card, nothing more and nothing less than a physical payment method in the contactless era.
Shortly after the launch, disagreements leaked between Apple and Citigroup over Apple Card's profitability, leading to a settlement with Goldman Sachs. Now the investment and securities company has it clear, they are not concerned at all about the profitability of Apple Card, they support the product in a definitive way.
The statements issued by the head of the digital finance team, Omer Ismail, during the event Business Insider Ignition Finance They have made it quite clear:
Doing the job right will earn you consumer loyalty. We have never had a similar technology business before, it is time to look beyond traditional banking. Therefore, we are not concerned about the profitability of Apple Card.
It is clear that we are facing a product that is not only very "niche" but that it may never make it out of the United States of America. We are talking about a physical card, built in metal and that also does not have any contactless payment method since it does not include an NFC chip. This in a country like Spain, where almost all dataphones and ATMs already work with NFC readers, and where payment systems through these technologies have grown like no other, it is going to be very difficult to sell. Especially if we take into account that obviously, we are talking about credit cards, not debit cards, so they will be assigned a series of questions at the level of requirements and conditions that are probably contrary to "cheap".
How would it be stupid for a company to say that its product will not work, right? A large number of us know why it could work quickly in the USA, but out of there?