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ers by clearly illustrating, in vibrant color, the impact Throw down the gauntlet
of purchases and the timing and amounts of pay-
ments. "It may not be a stretch to say this is a valuable Officially released in August 2019, Apple Card uses on-
entry point to the financial system for those people device machine learning and Apple Maps to categorize
of lesser means; many low-income people do own an transactions and identify merchants while keeping con-
iPhone as it is not just a phone but their access to the sumer data private. Color-coded categories help users
Internet and multiple other functions," Crone said. track spending on common categories such as food and
drinks, shopping, and entertainment in weekly and
3. Direct access to banking credentials: Participating monthly reports, Apple representatives stated.
consumers who register a DDA account to pay Apple
Card balances receive a host of features incorporated Calling Apple Pay the "edge of the network," Crone sug-
within Apple Card. The account includes not only gested the platform and wallet could facilitate various
credit but a prepaid account for cash rewards through other financial services like auto and personal loans and
Apple Cash, debit functionality anywhere Apple Pay mortgages. To serve their accountholders and compete
is accepted, P2P funds transfer capabilities and ATM with Apple Card, financial institutions have no choice but
cash advance and withdrawal features through Mas- to support Apple Pay, he said.
tercard, Crone stated.
"For banks, the gauntlet has been thrown down," he said.
"The Apple Wallet app registers and retains direct "Spending categorization, today's popular differentiator,
access to native checking accounts for paying Apple is not enough. With the launch of the Apple Card, con-
Card balances through the automated clearing house," sumers will come to expect instant feedback and tailored
he said. "This is a big deal because Apple could later options to guide their use of credit, spending and pay-
offer decoupled debit similar to PayPal." ments."
Dale S. Laszig, senior staff writer at The Green Sheet and managing
4. Transparency, seamlessness: Apple Card offers director at DSL Direct LLC, is a payments industry journalist and content
fee-free, transparent pricing and rewards. development specialist. She can be reached at dale@dsldirectllc.com
and on Twitter at @DSLdirect.

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