Apple has changed the world with the iPhone and iPod. Now, however, it seems that the American company is desperately looking for new products for a revolution in the technology industry. Forbes accuses managing director Tim Cook of imitating ideas from other companies. According to Forbes, the announced Apple credit card is a good example.
Innovation through technology
Many banks have been afraid of ideas from Silicon Valley for years. One of the big technology companies could come up with something that could turn the financial world upside down.
Now it seems to be almost there, but these innovations don’t come from Apple. Other companies are trying to introduce their own payment systems that could put pressure on traditional banks. Good examples are Facebook and WhatsApp, which are currently working on their own crypto currency. Square, a cash app, is turning to the use of digital money. Bitcoin has also changed how people think about money and banks.
Normal credit card
Technology companies have recognized the importance of innovation for the financial sector and are therefore looking for new solutions. The Apple credit card misses this opportunity for new ideas. The actual banking functions of the credit card are performed by Wall Street company Goldman Sachs. The actual payments are handled by Mastercard. Apple’s “new” payment option is therefore a normal credit card with only the company logo on it.
Forbes indicated that the company may have difficulty finding a new direction. On the one hand Apple wants to play in the financial world, on the other hand it tries to compete with streaming services like Netflix at the same time and is put under pressure by Google’s newest platform for games (Stadia).
So the Apple credit card doesn’t offer innovative ideas that could make it Bitcoin’s competitor.