Apple CEO Tim Cook launched the company’s new Mastercard branded credit card, which has new and laudable security features. It can also be used through the iPhone’s wallet app, Apple Pay. One of its unique traits is that there are no numbers on the card, a trend which may be adopted by Big Banks in the US.
Craig Vosburg, President of North America for Mastercard, told Bloomberg that the no-numbers feature improves safety in case a customer misplaces the card. He said this may encourage other banks to develop similar cards, ditching the old design to make transactions more secure.
“We want security to be at the highest level possible across the ecosystem, and we want to do that in ways that don’t introduce friction and make payments inconvenient for consumers,” Vosburg said in an interview.
US payment networks including Mastercard did away with signatures after a transaction on credit cards as the process became ineffective as a security measure after the development of chip technology. Numbers on cards could meet a similar fate. Some banks have already begun testing virtual card numbers like Capital One Financial Corp.
In its event on March 25, Apple announced its entry into many new sectors including consumer credit, gaming and video streaming.
Analysts told the wire agency that while Apple’s efforts to make cards more secure are noteworthy, they may not move the needle very much for the company. Saying that the consumer credit market is full and saturated, experts were uncertain whether those other than brand loyalists would be interested in this new product.