After gradually rolling out to testers for the past two weeks, Apple Card today officially launched for everyone. In connection with the launch, both Mastercard and Goldman Sachs are announcing their new partnership with Apple.
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First, Mastercard & # 39; s President of North American Operations Craig Vosburg took to CNBC today to detail the security behind Apple Cards. Vosburg explained that while it does not have a physical number that helps with security, even greater security measures are being implemented behind the scenes.
Vosburg said Mastercard is rushing around the 16-digit card number in a way that only that and Goldman Sachs can recognize. If the card number appears somewhere it shouldn't, they can kill it immediately:
We take the digital representation of the 16-digit number and encrypt [it] into a code that only we and Goldman Sachs can recognize. We know where it is meant to be used. We know it is meant to be used with that Apple device, and if it shows up elsewhere, we know it has been compromised and we can kill it.
Meanwhile, Goldman Sachs CEO David Solomon this morning sent a memo to employees to celebrate the launch of the Apple Card. Solomon explained that although Goldman's new partnership with Apple is important, "it is also a beginning."
Apple Card is Goldman's first major attempt at consumer banking through the Marcus division, and Solomon says he expects the company to be a leader within the next decade.
The Apple Card is big, but it's also a beginning. Without true heritage technology or long-standing consumer business to defend, we are positioned to innovate, unlike many others in the industry. For decades to come, I expect us to be a leader in our consumer business, just as we are in our institutional and corporate businesses, with customer centricity as the core of everything we do.
You can register for Apple Cards without invitation by going into the Wallet app and pressing “+” in the upper right corner. Here's more about Apple Cards:
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