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The new Apple credit
card doesn't spell trouble for established networks like Mastercard (MA) or Visa (V) but it could make Apple
's (AAPL) digital wallet a stronger rival to PayPal
Holdings' (PYPL) Venmo and Square (SQ) Cash, one analyst says.XThe iPhone maker on Tuesday said the Apple Card is now available to all consumers in the U.S. To launch the credit card, Apple partnered with Goldman Sachs (GS)."Apple Card is unlikely to upend the credit card issuing landscape — it is a straightforward co-brand credit card," MoffettNathanson analyst Lisa Ellis said in a report to clients."Apple Card's most pronounced impact on the payments ecosystem will likely be the extent to which it accelerates the adoption of Apple Pay — an increasingly formidable competitor in the digital wallet landscape," Ellis said.Users of Apple Card receive a physical Mastercard-branded card that can be used to make in-store and online purchases at locations where Apple Pay is not accepted. It's not Apple's first push into consumer finance.Apple Pay Digital Wallet To Gain?Apple launched its digital wallet, called Apple Pay, five years ago. The smartphone app, though, hasn't been a big growth driver for Apple. Apple shares climbed 1.1% to close at 212.64 Wednesday.In addition to enabling consumers to make store purchases, Apple Pay competes with PayPal's Venmo and Square Cash. The payment services let friends or families transfer money to each other. Venmo and Square Cash also are increasingly used for retail transactions.Ellis doesn't expect the new Apple Card to shake up the credit card market. But Ellis says Venmo and Square Cash could be impacted."Apple Card, if successful, will strengthen Apple Pay, which is one of the leading competitors in the digital wallet market and a rising competitive threat to PayPal, Venmo and the Square Cash app," Ellis added.Apple Card gives users 2% cash back on regular purchases and 3% on purchases made directly with Apple.Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.YOU MAY ALSO LIKECheck Out IBD's Stock Of The DayThese Technology Stocks Have A Spot In IBD LeaderboardCreate Your Own Custom Stock Screens With MarketSmithSee Stocks Just Added To — And Cut From — IBD's Top ScreensStocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth StocksThe post Apple Credit Card To Make Apple Pay Stronger Rival To PayPal, Square appeared first on Investor's Business Daily. Weiter zum vollständigen Artikel bei "Investors Business Daily"
Quelle: Investors Business Daily