Is Apple about to be a Bank??

Yesterday, on the 25^th March 2019, Apple held its “Apple Special Event”. This was an event where Apple announced many of its new products, such as Apple Arcade, and innovative changes, such as with Apple TV. However, the biggest product, by far, has to be the Apple Card…

Apple already had “Apple Pay” which was a hit with many Apple users due to its ease of use and the fact that you did not have to carry around a card with you; you could simply touch your iPhone or Apple watch onto the payment machine.

Thus, it would seem that Apple card is a step in the wrong direction…

To be clear, Apple will still have Apple Pay and you would still be able to use it as normal. The point of this card is not to simply give us another way to pay, but I see it as a shift to something that usually traditional banks would do.

It has created disruption to an old institution.

Of course, many small companies, have tried to cause disruption in banking but none have the power and influence that Apple has. The idea of tracking your funds is not new, but the use of technology to give you exact and meaningful information, in real time about your purchases is something I know consumers have yearned for, for many years.

Apple says that the Apple Card will be available to users in the United States in the summer of this year. Though it has not announced when it will be available in other countries, I am looking forward to how this disruption will change the way we think and interact with money.