Mastercard opens the first model of issuance of digital Apple Card cards to processors | Payments Source

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Mastercard makes the popular Apple Card-like experience – almost instant access to a locally issued payment card via a mobile device – available through consumer and digital card processors.

The Purchase, New York-based card network hinted at last year that the simplified model of Apple Card would not remain exclusive.

Now processors such as FIS, Fiserv, TSYS, Galileo, Marqeta, i2c and PTS are adopting Mastercard’s Digital Card First program for their card issuers, Mastercard said in a press release on Wednesday.

The move takes place about a year after the Launch of the Apple card from Goldman Sachs on the Mastercard platform, introducing a combination of streamlined features including an online application, near instant issuance and activation, integrated account management and an optional physical card.

Apple Card was first announced in March 2019 and has been a hit with credit card customers, according to Goldman Sachs and Apple, although the companies have not disclosed the number of accounts or the volume of their cards. .

Significantly, Apple Card emphasizes a mobile payment experience because its functionality is concentrated in the app. The optional physical card does not have NFC contactless payment technology.

Like the Apple card, physical credit cards issued through Mastercard’s Digital Card First program will not have a printed account number, card verification number or signature, Mastercard said. The program supports the simplified issuance of credit, debit and prepaid cards.

Issuers can customize their own credit terms, rewards programs, and the color and appearance of physical cards, so each bank’s approvals and usage may not be exactly like Apple Card, but the platform. Digital First supports the same functionality.

Apple Card offers 3% cash back on Apple Pay purchases; instant cash back rewards on purchases made at merchants such as Walgreens, Uber Eats, ExxonMobil, Panera Bread and T-Mobile; and zero-interest installment loans on many Apple products.

Mastercard has slowly expanded its first digital platform, including expanding it to Samsung earlier this year. Samsung, in partnership with SoFi, uses Mastercard’s Digital First technology to power Samsung Money by SoFi, a money management application with a debit card included.

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