According to the latest news, Apple has switched its virtual debit card, Apple Cash, from Discover to Visa. The new Apple Cash cards display Visa logos although it is unclear if Discover will remain a partner for the tech company. Apple Cash is powered by Green Dot Bank and allows users to make and receive payments through their iPhones, iPads, and Apple Watches.
Selected users were also informed that Apple will use their Apple IDs, locations, and devices to implement enhanced fraud ID and prevention solutions. Assessments and transaction information will also be shared with card networks to further develop strong fraud prevention solutions and will be rolled out initially for Visa users.
The new solutions are part of Apple’s bigger plan to establish its presence in the financial services market and push its in-house Apple Cash and Apple Wallet solutions to its customers, as main online payment methods. Moreover, the company is reportedly developing a financial services suite that aims to minimise Apple’s reliance on third-party financial partners, including Goldman Sachs, CoreCard, Stripe, and Adyen.