Experts: Google, Samsung Not Keen on Challenging Apple Card

Payment experts say Google and Samsung will not join Apple’s lead in offering a credit card to its U.S. customers.

For them, the Apple Card, a credit card that the tech giant has recently released, had been launched at a time when adoption of mobile payment services such as Apple Pay has become stagnant for years as most American consumers preferred using simpler cash or cards.

One of the significant barriers to the growth of mobile payments is their lack of ubiquity. Many consumers would instead make a purchase at checkout with payment methods and tools that they know will be accepted than ask again and again whether a mobile option is available.

Payments experts said Google and Samsung would think twice if they would follow Apple’s lead. The US credit card industry faces burdensome regulation and fierce competition, which prevent tech companies from joining. Moreover, neither company has the same brand power as Apple. They also don’t have their retail stores, making things even more difficult for them to gain customers of this product.

In the past, Google launched a physical debit card for its Google Wallet, which later renamed into Google Pay, but the company shut down that program in 2016. Likewise, Samsung is already operating a credit-card company called Samsung Card in South Korea.

Apple announced its entry in the credit card industry at its keynote event on March 25. The tech giant separately announced a Mastercard-powered credit card with a Daily Cash feature that adds a 2% rebate on purchases made using Apple Pay. Customers can get 3% rebate on purchases made directly through Apple, either on the Apple App Store, Apple Stores or for Apple services.

The tech giant will not charge annual fees, late fees or foreign currency exchange fees from Apple Card. It also claims the card has low interest and no late payment fees.

The card which will be available this summer also includes various built-in strict privacy and security features that bars Apple from knowing what customers bought, where they bought it or how much they paid. Apple also says it assures that Goldman Sachs, its partner for this card, will never share customer data with third parties.

RELATED ARTICLES

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles
Credit

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles Faces Obstacle

House Democrats' plan to provide customers with an additional option to encourage union-built vehicles has sparked controversy and discussion among legislators, manufacturers, and other parties. The House Ways and Means Committee last week cleared the tax breaks for consideration in the Democrats' $3.5 trillion budget bill measure, despite vocal objections...
Williams-Sonoma Key Rewards Credit Card Program
Credit

Williams-Sonoma and Capital One Introduce The Key Rewards Credit Card Program

Williams-Sonoma, Inc., a leading American home retail company, revealed that it has partnered with bank holding company Capital One to introduce the Key Rewards Credit Card Program. The company’s top-level Key Rewards program is upgraded with new credit cards. Cardholders can accumulate rewards when they shop at Williams Sonoma, Inc....
Federal Bank Credit Cards In Partnership With Visa
Credit

Federal Bank Introduces Credit Cards In Partnership With Visa

Federal Bank has announced the introduction of its credit card in India. To offer credit cards to its current clients, the private banking company has collaborated with Visa, the worldwide financial services corporation. As per Shyam Srinivasan, Managing Director and CEO of Federal Bank, the issuance of the card would...
Wells Fargo Personal Credit Lines Closure Plan
Credit

Wells Fargo Drops Personal Credit Lines Closure Plan

Wells Fargo & Co. sparked a public outcry when it announced plans to phase down personal lines of credit in July, but the firm will reverse direction on August 18, 2021. Customers who have been using their personal credit lines have just received notice from the San Francisco-based lender...
Universal Credit Human Rights Legislation
Credit

The Reduction in Universal Credit Violates Human Rights Legislation

According to the UN's poverty expert, reducing universal credit by £20 per week is an "unjustifiable" decision that violates human rights law and would certainly lead to an expansion of poverty. The retreat of the £1,000-a-year uplift from next month, according to Olivier De Schutter, the UN-appointed chair of the...
Credit Cards Dark Web Data Leak
Credit

Hackers Leak 1M Credit Cards on the Dark Web

One million stolen credit cards have been posted by hackers on the Dark Web through AllWorld.Cards. The act was reportedly done by cybercriminals in an attempt to promote their activities and operations, as well as make their organization known. The leaked credit card information was discovered by cybersecurity researchers from...
Carter’s Child Tax Credit May Boost Children’s Apparel Business
Credit

Carter’s Says Child Tax Credit May Boost Children’s Apparel Business

Carter’s, an American retailer for children’s apparel, says that with the new child tax credit rolling out across the United States, and as the usual shopping for back-to-school resumes, the company is confident about its opportunities. To meet the consumers’ demand, the company is being compelled to pay extra to...
Younited Credit Yields Million in Fund
Credit

Younited Credit Yields $170 Million in Fund Round

Younited Credit, a France-based company, has secured $170 million in fund round. Consumers in Europe can choose from a variety of credit options offered by the startup. It also employs a multi-distribution method. The funding round, which is led by Goldman Sachs, has participants including existing investors such as Bpifrance,...
Sterling Construction Modifies Credit Agreement
Credit

Sterling Construction Modifies Credit Agreement with BMO Harris Bank

Sterling Construction Company, Inc. has modified its current credit agreement with BMO Harris Bank, its lending group. It has revealed that numerous terms of the agreement are revised. Two of the terms include lowering the existing credit agreement borrowing interest rate by 2% points and reducing the credit agreement's future...