I recently heard that the most anticipated Apple product in Spain is not technological, but financial, and I am referring, of course, to the Apple Card, the credit card presented by those from Cupertino a little over a year ago. And the truth is that I do not totally agree with that statement: I agree that there is expectation regarding his arrival in our country, but I differ in that it is not a technological product. Apple’s physical means of payment is actually pure fintech.
A clear proof of this is that Google, as we told you a few weeks ago, also wants to enter that market with its own physical card. And I already mentioned it then and I insist now, it is only a matter of time before some other large technology group joins this movement. Common sense would say that Amazon, but if it were not for the current tensions between China and the US, it would not be too surprising if the giant Alibaba (owners, among other things, of Aliexpress) was the next to apply, since only with its market internal would already have a position of great advantage. And in a market that Apple Card surely looks at with sweet eyes.
In the case of Apple, we are talking about a combination of the physical Apple Card, a financially backed credit card by the powerful Goldman Sachs group, and a technological solution that allows you to carry out absolutely all the transactions through the Internet. Something that is not really surprising, since we must always be very clear that Apple Card is little more than a physical extension of Apple Pay, the electronic payment system through iPhone / iPad. It is, at the same time, a very aspirational product for users and fans of the brand, and an approach to an important sector of the population that wants to have a conventional means of payment.
Today we know, from Bloomberg, that Apple is preparing a special financing plan through which Apple Card users they can acquire, with the same, several products of those of Cupertino in a financed way, up to one year, without interest. Specifically, according to this information, an interest-free year will be offered for the purchase of computers, iPads, pencils and keyboards for iPad and the XDR monitor. Funding is reduced to six months interest-free for AirPods, Apple TV and Home Pod. Yes, curiously, the iPhone does not appear in the list.
It may seem like a minor movement, but if we analyze it a little, it is actually a most interesting move for several reasons. The first and most evident, of course, is that with this movement Apple stops depending on third parties to offer financing in the purchase of its products. Obviously, it will continue working with Goldman Sachs, but since we are talking about a global alliance, the complexity of its financial operations is substantially reduced. And, of course, when the Apple Card is global, who tells us that it will not become the only way of financing direct purchases from Apple?
On the other hand, and this seems to me a masterpiece, what until now could have been an interest in only one of the points (the card or a device), now serves to arouse some interest in the other, and this works especially in the sense of capturing device users to become Apple Card users as well. Do you want a Macbook and want it financed? Well, as a “gift” you get your credit card (which, remember, being Apple is also an aspirational product). A product, whatever it is, attracts you to the rest of the ecosystem, and you also feel rewarded. I find it brilliant.