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  • Apple and Goldman Sachs to part ways on Apple Card, no successor named

    XedXed
    sflagel said:
    Xed said:

    sflagel said:
    Xed said:
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    Which worldwide issuing bank works with every single country in the world?
    Citi
    Not even close. They are big, but not the biggest. They don't even a ground presence in half the world's countries.

    https://www.citigroup.com/global/about-us/global-presence
    You don’t need a ground presence to issue a credit card. 
    They are in most countries. 
    Besides, Apple does not need to worry about regulations, they just slap their name on any issuer. They can also use MBNA, a big white label credit card issuer. 
    1) You are missing the point even though your four letter comment suggested they are. They aren't in all countries, which is what your comment is claiming despite a lack of proof. But that's because there isn't a world credit card system in place. Even MS isn't even everywhere and they're the largest payment-processing corporation worldwide. To reiterate, each nation has regulations for an issuing bank, and while Citi can be present in the US and Canada, they do have to set up in each country to issue a card in those countries.

    2) Apple doesn't have to worry about regulations? Just slap their name on it? Sure! Nothing illegal about that. 🙄
    williamlondonwatto_cobra

  • Apple and Goldman Sachs to part ways on Apple Card, no successor named

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    dewme said:
    mpantone said:
    dewme said:
    What happened with Apple’s relationship with Barclays?  I seem to remember using Barclays relationship with Apple to get interest free financing to purchase a couple of my earlier Macs and possibly iPads. 

    Perhaps partnering with a non-US based bank may make it easier to roll out support for Apple Card more globally. 

    Ultimately, shouldn’t we expect that Apple Card would be supported by multiple partners, similar to Mastercard and Visa?
    You have made a common error by someone not familiar with the basics of the consumer credit card industry.

    Mastercard and Visa aren't credit cards: they are payment networks. American Express is both a credit card company and a payment network.

    Technically, the Apple Card is a Mastercard issued by Goldman Sachs USA, NA. It says so in the fine print of the service agreement that any Apple Cardholder accepted (by clicking "Accept"). In that way, it's similar to a VentureOne Mastercard issued by CapitalOne.

    Barclays Bank would be the issuing bank. It's almost certain that Apple had discussions with Barclays Bank about the Apple Card (before it debuted) before Apple selected Goldman Sachs as a partner.

    Apple would have to partner with banks from other countries to service customers in those areas. But those banks have to have a business in the country and follow the banking regulations of that country as well. It's not like an random American can apply for a JCB card (a Japanese card) or a UK card.

    To have American cardholders, Apple needs to find a bank located in the USA (which would be subject to US consumer banking laws, not those of the UK, Japan, Nigeria, wherever.
    Excellent insight and enlightenment. Thank you, You are correct, my exposure to credit card payment systems is solely as an end user. Barclays previous relationship with Apple lasted several years and was a benefit to me on a few occasions. That is why I was surprised when they were not part of the Apple Card deal.

    Despite being a newbie when it comes to the credit card industry, I actually use credit cards extensively as a means to avoid carrying excessive cash. I never use debit cards. My go-to card has long been Discover because they have always had exceptional customer service when I’ve had to deal with them. But when I travel outside of the US, they have not been well supported so I have to carry either a Visa or Mastercard too. Perhaps I’d be better served with an Apple Card with it being a Mastercard and having some Apple related benefits. 

    The only other exposure I’ve had with credit cards is company issued credit cards. Things may have changed over time, but I recall that unlike Visa/Mastercard, American Express was often a struggle to use outside of the US, at least for some expenses. I’m curious whether the Apple Card is widely used for company issued credit cards? Speaking of Japan, at least in the late ‘90s, business travel there was a struggle with any credit card, regardless of the issuer or sovereignty of the issuer. Everything was cash-only, even hotels. Hopefully that’s improved.
    1) I imagined that Barclay's was approached, but the deals were probably not favorable to them when Apple laid out what they wanted. GS not having ever been an issue of a CC took a risk and it didn't work out, which is unfortunate for them. The question now is who will take over and will the current setup still be in place or will Apple have to make concessions?

    2) In this day and age people should avoid cash when they can. If your card is lost or stolen you don't lose anything (except personal information, but to be fair that's already out there on the internet).

    3) I use Amex when I travel but MS is still the most accepted.

    https://upgradedpoints.com/credit-cards/visa-vs-amex-vs-mastercard/

    4) Interesting about Japan. It looks like they still prefer cash. I wonder how the young people feel.

    https://www.cashmatters.org/blog/why-japan-prefers-cash
    dewmewatto_cobra

  • Apple Vision Pro followup expected to be a more affordable, cut-down model

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    mattinoz said:
    Xed said:
    hydrogen said:
    "Uncompromised insanely great" culture against "good enough" culture . Who wins ?
    Good enough has the history of success. Look at the failure of Amiga and success of Windows.
    Hasn't worked so great for the hardware makes.
    It's with HW that good enough absolutely works out. Just look at Chinese knockoffs on Amazon, Amazon Basics, dollar stores, and most cars people buy. Even Apple selling last year's model iPhone for several years running with a $100 price drop shows that there is even a large number of iPhone buyers that will buy a good enough option over the best model being sold.
    beowulfschmidtmuthuk_vanalingamwatto_cobra

  • Apple and Goldman Sachs to part ways on Apple Card, no successor named

    XedXed

    sflagel said:
    Xed said:
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    Which worldwide issuing bank works with every single country in the world?
    Citi
    Not even close. They are big, but not the biggest. They don't even a ground presence in half the world's countries.

    https://www.citigroup.com/global/about-us/global-presence
    williamlondonmuthuk_vanalingamwatto_cobra

  • Confusion reigns about the future of Apple's 5G modem project

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    wood1208 said:
    If China can produce it's own 5G modem than why not Apple ?
    I don't think production is the issue. Rather creating a modem that doesn't violate Qualcomm's patents so that Apple isn't then making their own patens and still still paying Qualcomm for the technology.
    beowulfschmidtwilliamlondonmuthuk_vanalingambyronlAlex1Ncanukstormwatto_cobraMplsP