Cupertino, California-based Apple Inc. set off shock waves this week when Chief Executive Tim Cook announced a new credit card. Apple presented the card as forward-facing and customer-centric. Local technology experts, however, still have questions.
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The Goldman Sachs Group Inc. has agreed to issue the Apple Card, which will use Mastercard Inc.’s (NYSE: MA) payment network. Direct purchases to Apple will give users 3% cash back, and purchases made with Apple Pay will get 2% cash back.
Those who use the physical credit card will only receive 1% cash back.
“Ultimately, this is Apple doing all the things they have been trying to get the banks to work with them on for years, and to some degree, it’s already successful,” says Scott Harkey, head of strategy and payments at Levvel, a technology consulting firm. “It’s now entered the consumer consciousness that Apple can help you with a financial services product and provide a rich customer experience in doing so.”
Check out the full story to read what other local tech leaders had to say here.
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