Apple is not really in on the cryptocurrency business. Unlike Facebook, they do not seem to be interested in the crypto market. Even though, Apple is delving into Fintech in some form with its upcoming credit card. It is not going as far as the very controversial currency.
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If you had high hopes of using the Apple credit card for cryptocurrencies, it won’t be happening. Apart from the currency, users will also not be able to use the card to buy lottery tickets or gamble. Other things Apple Card won’t have the ability to do is pay for casino gambling chips, traveller’s checks or foreign currency.
On the customer agreement posted to Apple Card’s partner Goldman Sachs, they list restrictions on some transactions they describe as cash advance and cash equivalents.
It defines such payments as “any cash advance and other cash-like transaction, including purchases of cash equivalents such as traveller’s 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.”
Apple has announced that the credit card is coming this month. It is also offering some incentives to Apple Pay users to make purchases. Apple also confirms that the card transaction data will not be sold for advertising or marketing. However, the virtual card will be available for use in the US by September 2019.
Facebook is currently dealing with regulation issues with its Libra cryptocurrency. The company is taking the bold step amid various oppositions from government regulators around the world. Regulators are worried about how the currency will not be misused. They also don’t think Facebook can handle the currency.
