All the Apple followers around the world are already excited about the company’s new endeavor of venturing into credit card services with Apple Card. While the card may provide a variety of services, the hopes of it supporting crypto activities have all been broken. As per the Customer Agreement of the Apple Card, users will not be able to purchase digital currencies with this credit card.
The Apple Card Customer Agreement was posted a day ago on Goldman Sachs’ website to update customers about the card policies. For those who came in late, technology giant Apple is launching its credit card in collaboration with Goldman Sachs, a leading investment bank and financial services firm in the world. The card, aimed at boosting Apple’s revenue with additional services, is expected to be unveiled later this month.
The customer agreement has put digital currency in the category of Cash Equivalents or Cash Advances, which is marked as a banned activity for card usage. That means any cash-like transactions and cash advance including cash equivalent purchases such as foreign currency, cryptocurrency, travelers’ checks, wire transfers, peer-to-peer transfers, money orders, or similar cash-equivalent transactions, are forbidden.
Apart from that, the card will not be supporting betting-natured transactions as well, for example, race-track wagers, lottery-tickets or casino gaming chips (both physical and digital).
As per Apple’s website, their Card is the planned credit card service that will be available to users via their iPhones through a digital wallet application. Users can also opt for a physical titanium-made credit card which will be issued by Goldman Sachs.
It is worth noting that Apple had banned mining applications from its App Store in the previous year. Thus, this move doesn’t come across as too surprising. Goldman Sachs, on the other hand, seem keen about cryptocurrencies. In June-end, there were reports which had claimed that the investment bank was planning to launch their crypto, much like JPMorgan’s JPM Coin. In fact, Goldman CEO David Solomon had disclosed that they were doing extensive research on stablecoins and asset tokenization.