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Goldman Sachs Group Inc., which has been trying to jettison its struggling credit card business, now has a potential way out of its partnership with Apple Inc. 
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The card will charge no fees, pay daily cash rewards and sync with consumers’ iPhones to analyze their spending.
Vineet Anand's insight:
Apple Card issued by Goldman Sachs.. die hard Apple users will get the numbers rolling with its titanium look and etching. The rewards program is not the best, yet will offer cash back and deliver on privacy. Great foray for GS to make inroads post the start-up acquisition to offer this product!Â
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Looking to push beyond its modest retail efforts so far, Apple rival Samsung is planning to open three full-scale U.S. stores on Feb. 20, the same day it announces the Galaxy S10 and its first foldable phone.
Vineet Anand's insight:
Samsung to launch 3 full-scale stores in US on 2/20 along with the Galaxy S10 launch!Â
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Apple has disabled the group calling feature within its FaceTime calling service while it works on a patch to fix a nasty bug that allows eavesdropping. Apple’s status page shows that group calling via FaceTime is “temporarily unavailable” — that’s a stop-gap move whil…
Vineet Anand's insight:
Attain, the new health app in partnership with Apple! Partnerships to aid future services revenue for Apple.Â
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The disappointing performance of Apple’s iPhone XR is rippling through the global supply chain, leading Japan Display to seek a bailout from an investor group from China and Taiwan.
Vineet Anand's insight:
Apple to end LCD screens currently used in XR models by 2020 leading to potential sale of Japan Display to investors in China / Taiwan!Â
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Apple is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal’s popular Venmo platform, according to people familiar with the talks.
Vineet Anand's insight:
As predicted last year, I had suggested the next step for Apple Pay will be to offer P2P payments and seems like Apple is working towards finding a solutions. Venmo has 19% of P2P mobile market today popular with millennials using its vast array of emoticons to pay for bills, rent, and shared expenses. P2P is on offer with Google Wallet, PayPal, Square $cashtag, Facebook messenger P2P and recently ClearXchange opened its network for use with use of email address or phone number! Apple's Wallet strategy to bring loyalty and P2P are part of the experience in an attempting to develop in bringing greater usage of the Apple Wallet. Sending a iMessage with funds, PFM and Bill Payments will follow suit at some stage! Personal finance management tools and services will add more value to the Apple Wallet with its devout iOS users.
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Australia's largest bank is fending off the arrival of the world's biggest technology company in the hotly contested area of payments.
Vineet Anand's insight:
SMH shares its perspective on Australia Bank's pushback for Apple Pay with interchange sharing being part of the discussion, whilst the larger underlying issue being handing over the customer relationship from bank to Apple for its customers. A few things Apple needs to keep in mind:
Apple needs to reconsider what is more important - cut of the interchange fee which barely adds much value to its current profitability or allow Apple iPhone/iPad users to pay as a feature just like there is a iPhoto app to take pictures. Also, banks especially in Australia that are more innovative than their western counterparts, in most cases, with far more developed domestic switches, with lower interchange fees ... will be willing to let Apple take over the customer relationship for payment of a card transaction.
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Finextra: Having finally embraced near field communication technology with the launch of its payments service, Apple has joined the NFC Forum as a sponsor member.
Vineet Anand's insight:
Apple becomes a sponsor member of NFC forum! Apple Pay has given Apple insight in the need for specifications to have interoperability across devices, providers, and services.
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Finextra: The UK launch of Apple Pay seems to have caught some of the country's biggest banks by surprise with only Nationwide, NatWest, Royal Bank of Scotland, Ulster Bank and Santander ready on day one.
Vineet Anand's insight:
World's leading contactless market, UK, welcomes Apple Pay in seemingly limited manner. Notably absent at launch are major issuers including HSBC, Lloyds, Barclays, and First Direct. In most cases consumers can buy anything as long as it costs below PS20, which will increase to PS30 in September - upgrades needed at terminals to allow for raising the existing PS20 contactless value at most terminals; another challenge for Apple Pay.
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MacRumors has learned that a high-level executive at Barclays, one of the largest banks in the United Kingdom, anticipates "imminent" support...
Vineet Anand's insight:
Is Barclays developing its own mobile platform? Notably absence from Apple Pay initial launch, however indication is Barclays will be joining the fray of Apple Pay issuers soon.
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Finextra: Apple Pay may be boasting impressive adoption rates but two thirds of people who use the system have run into problems at the checkout, according to a survey from Phoenix Marketing International (PMI).
Vineet Anand's insight:
Teething issues with Apple Pay users !! Shifting consumer behaviors and merchant training takes time. Just wait until US market moves to EMV Chip&Pin and Chip&Sign - my experience has proven from leading such initiatives that those issues will be larger in scale and will create more disruption at check-out! Asian and European markets have been through that phase of choppy starts with EMV launch before stabilizing.
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Finextra: Citi, Fidelity and Mint are the first financial services-related developers out of the blocks with apps designed for the new Apple Watch, which goes on sale next month.
Vineet Anand's insight:
Apple Pay now has 2,500 banks and accepted across 700k locations!
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Cook spoke about why security is so important to Apple.
Vineet Anand's insight:
Great speech by Tim Cook on earning customers trust and building privacy and security in every product and service. Apple does not monetize consumer data and that applies to the construct of Apple Pay (no card number or purchase information stored with Apple).
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Vineet Anand's insight:
Personal insights on the broken process along 'yellow path' for 1st time card authentication with issuer! Issuers need to take responsibility to fix that process from authenticating fraudulent cards.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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Apple's early exit from GS likely indicates a formal relationship with another issuer and servicer for its card and savings account offering. As suggested previously, time for Apple to get a banking license through acquisition to own the service offering that brings great value to its 'services revenue' bottom line!
Has Amex stepped in? Or is it Synchrony? Amex service and culture is more aligned to that of Apple. However strategically the expansion to health insurance and wealth for Apple will require another partnership or goes back to owning a license!Â