Apple Card is set to arrive in summer across the United States, and reports from sources familiar with the service claim Apple is in discussions with financial regulators about the future expansion of the service across Europe, reports Bloomberg.
The news comes as Apple widened its internal beta of Apple Card this week to thousands of Apple Store employees after initially testing the service in May with corporate staff in the U.S.
Apple Card will allow users to “lead a healthier financial life,” offering features to allow users to track spending and help manage bills within the Wallet app on iOS. The Apple-branded credit card, created in partnership with investment banking company Goldman Sachs, will be fee free and offer much lower interest rates compared to traditional banks.
The service will reward customers with financial cash-back rewards called Daily Cash. – Users making purchases will earn 2% Daily Cash, and for purchases made at an Apple Store or for an Apple service such as Apple Music the Daily Cash reward percentage will increase to 3%.
In addition to allowing customers to make purchases using their Apple Card with Apple Pay on iOS, iPadOS, watchOS and macOS, Apple will also give subscribers a stylish titanium physical Apple Card for regular chip-and-PIN payments.
The card has no CVV security code, no expiration date and no signature, making it the most secure bank card around.
Apple hasn’t shared an official release date for Apple Card in the United States, though the company announced in May that the service was scheduled to launch in summer.
The report from Bloomberg doesn’t specifically say which European countries Apple is looking to expand Apple Card into in the future. – We’ve reached out to Apple who declined to comment.
Apple is yet to expand Apple Pay Cash outside the United States, almost two years after the service initially launched.