Thursday, Aug 18, 2022, 15:46 Economy

Three Years Of The Apple Card – What's Going On In Canada, The UK, & Europe?

Since August 2019, Apple customers in the US have been able to apply for an Apple credit card – in both the digital and titan-variant physical format. Cupertino continues to expand the card's features as the Silicon Valley tech company expands more and more into the financial service sector of the market. One example is "Apple Pay Later", which financial authorities in the US are eyeing rather critically as of last month. However, one thing hasn't changed over the last three years – the payment method is still available in only one country, despite promises to expand the service internationally. Even an expansion into the US' neighboring Canada, where Apple possesses a very profitable share of the market, has yet to take place.

Nothing Materializes – Despite Hints Of Expansion
After Apple Pay's introduction to the market, there were several indications that Apple and Goldman Sachs were working on an international form of the offer set to encompass all of Europe. However, after the first indications from the bank and Tim Cook's statement that the two would "gladly offer the card in other countries", things have gotten pretty quiet. Although Apple did publish several job postings searching for "Apple Card Product Managers" with experience with GDPR in the fall of 2020, this apparently wasn't for a planned release in new markets.

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British Startup Purchase Not For UK Release?
Word of Apple's US$150 million purchase of a fintech startup got out in March. The purchased UK operation, Credit Kudos, brought Apple new tools for risk assessment. The fact that the purchase involved a British company led to speculation that Apple was planning to expand the service into at least one additional country. However, as previously, this didn't end up happening, and there were no further indications of such plans.

Little Hope Release Any Time Soon
The financial market is a heavily regulated branch, and activity in the sector frequently demands the accommodation of country-specific regulations. For this reason, the internationalization of Apple's payment method is significantly more complex than most of the company's usual fields of activity. It's unlikely that we'll see the Apple Card outside of the US for the foreseeable future. A product start would demand such a high level of bureaucratic activity that it would be almost impossible to hide a surprise announcement. The Apple Card will likely remain exclusive to the US for a bit longer.

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