Crypto fans who were counting on buying cryptocurrencies with an upcoming Apple credit card will leave empty-handed, as the Apple Card completely blocks this possibility by throwing crypto into the same bag as lottery coupons or casino chips.
Apple is changing the payment card market in the US
What might seem shocking to our readers from European countries, american card payment standards are still usually based on inserting cards into terminals and subsequent signature on the receipt. Of course, the market is gradually opening up to contactless transactions, and Visa plans to distribute over 100 million contactless cards in the US by the end of 2019, but this does not change the current reality – that it’s a giant market waiting for revolution.
Apple also wants a piece of this cake, tying its Apple Pay platform to the upcoming contactless payment card as well as a phone NFC payment option. Thanks to the community of brand fans, many people have immediately declared their willingness to pair their phones and accounts, waiting for the revolution of contactless payments.
Not for crypto and other “cash equivalents”
However, as we can read in a customer agreement on Apple’s partner’s site – Goldman Sachs – Apple Card does not allow transactions that are described as “advances and cash equivalents” – which in a nutshell packs cryptocurrencies into the bag of prohibited transactions.
The Regulations further specify that “any cash advance and other cash-like transactions, including purchases of cash equivalents such as travelers checks, foreign currency, or cryptocurrency; money orders; peer to peer transfers, wire transfers or similar cash-like transactions; lottery tickets, casino gaming chips (whether physical or digital), or race track wagers or similar betting transactions ”
Many speculate that if more people enter the Apple ecosystem, perhaps cryptocurrencies will face a problematic future. Perhaps, however, it will not be as bad and despite minor problems, Apple will decide to change its approach in the future, when it sees how rapidly blockchain is developing? What do you think about Apple’s crypto blocking?