Apple Card could encourage banks to make their cards numberless too

Ditching credit bill of fare numbers could meliorate security

Apple Card

When Apple does something, other companies tend to follow. Expect at some contempo smartphone trends, like the much-despised display notch or the dual-camera craze.

Yet, the adjacent tendency Apple tree starts might not be in phones, but in credit cards.

Apple recently unveiled its digital-offset credit carte, Apple Card, every bit well as a Mastercard-branded physical bill of fare for employ in places that don't take Apple tree Pay. That physical bill of fare is unique, and not just because information technology'south made of titanium — it doesn't bear a carte du jour number, security code or death date.

Instead, all that data is stored in Apple tree's Wallet app on the cardholder's iPhone. By moving these crucial details into the digital wallet, Apple hopes to ameliorate security should a user lose their card.

Mastercard's president of North America thinks this could encourage other banks to ditch carte numbers to amend security.

"We want security to exist at the highest level possible across the ecosystem, and we want to do that in ways that don't introduce friction and make payments inconvenient for consumers," Vosburg said in an interview with Bloomberg Television.

Similar to how banks and credit card companies ditched signatures as security chips became the norm, we could run across carte numbers disappear likewise. Bloomberg also notes that some large U.S. banks, like Capital One, started testing virtual card numbers assigned to specific merchants.

Ultimately, these changes could introduce a more secure financial future without much alter for users. That said, banks will likely wait to meet how Apple Card fares earlier making drastic changes.

Apple Card is set to launch in the U.South. this summertime, simply it could come to other markets at a future appointment.

Source: Bloomberg