Apple unveils Apple Card’s savings accounts with 4.15% interest rate
Apple has launched a new high-yield savings account for Apple Card users that will come with a 4.15 annual percentage yield (APY).
Tech giant Google is reportedly working to create its own smart debit cards that will allow customers to make a purchase online as well as in retail stores.
This technology works much as Apple Card with the same physical and virtual element of it.
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As per a report on TechCrunch the ongoing project is the centrepiece of Company’s existing Google Pay System which currently helps users do peer-to-peer payments by adding a physical debit card that could be used for a wider variety of purchases.
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The report suggests that the Google smart debit card will connect to a Google app with features that “let users easily monitor purchases, check their balance or lock their account”.
The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union, the report said on Friday.
The tech giant could charge interchange fees on purchases made with the card or other checking account fees.
“Google could use transaction data on what people buy to improve ad campaign measurement or even targeting,” said the report.
A virtual version of the Google smart debit card on a user’s smartphone can also be used for Bluetooth mobile payments. A virtual card number can also be used for online or in-app payments.
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