\tApple expanded its mobile money play with the debut of a new credit card designed to work with its signature iPhone, as CEO Tim Cook said its Apple Pay service is on track to process 10 billion transactions this year.<\/p>\n
The company is making Apple Card available through partnerships with Goldman Sachs and Mastercard, without annual fees. A digital copy of the card will reside in Apple\u2019s Wallet app and can be used to pay anywhere Apple Pay is accepted, though users will also get a physical card to use elsewhere.<\/p>\n
In the Wallet app, users will be able to track their transaction history, which will be sorted into colour-coded categories by type, including spending on food, shopping and entertainment. The app will also shed light on spending trends with weekly and monthly summaries.<\/p>\n
Jennifer Bailey, VP of Apple Pay, said in a statement the goal is to \u201chelp customers lead a healthier financial life, which starts with a better understanding of their spending\u201d.<\/p>\n
However, as part of its much-lauded privacy standards, Apple said these tracking features will be offered using on-device intelligence rather than processing on its servers, meaning the company won\u2019t know what or where users make purchases, or the amount spent.<\/p>\n
All purchases will earn users cash rewards based on daily totals: 3 per cent back for Apple goods; 2 per cent on those made with Apple Pay; and 1 per cent for the physical card.<\/p>\n
Apple said the credit card will be made available \u201cthis summer\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Apple expanded its mobile money play with the debut of a new credit card designed …<\/p>\n
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