The Apple Card

Apple announced last week that they are releasing a “new” type of credit card to consumers called the “Apple Card” which will live, natively, in the iPhone’s Wallet app.

Personally, I wasn’t surprised to see this move as it was a natural next-step to the Wallet app’s growing list of features. And, of course, they are doing it “Apple-style” as it’s svelte, simple, and… well, beautiful to behold and use.

What I was surprised about was their partnership with Goldman Sachs and Mastercard. This is less talked about but it is the topic that folks should be talking about more.

Apple said that Goldman, Mastercard, and other related fintech companies won’t have access to our data with your typical CYA:

Apple will never share or sell your data to third parties for marketing or advertising.

via Apple

Sure, sure, sure. We’ve all heard that before. What Goldman Sachs will be doing is building up their list of customers that, at some point in time in the future, they’ll “activate” – I’m sure of it.

So, the question isn’t one about do you trust Apple but one of whether you trust Apple trusting X, Y, and Z companies? Proxied trust doesn’t always work out well, short and long-term.

I mean, how long ago was it? Goldman Sachs played an important role in the 2008 financial meltdown. Have we forgotten that quickly? Do we forgive that easily?

The Great Vampire Squid

Goldman Sachs was one called the “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” and we’re now looking at them and trusting them with our data?

Perhaps it’s not about forgetfulness and forgiveness but rather one of convenience and optionality, especially for entrepreneurs.

In other words, there are simply not enough options for customers and consumers to choose from and I see Apple Card as a clarion call for builders and folks who have the gumption, drive, and resolve to create these healthy and needed alternatives.

But, we should never forget. Public sentiment will always change, at times reverse course, idle when necessary, but the deltas should never be forgotten – or how else will we truly learn?

Maybe we’re destined (and doomed…?) to repeat our biggest sins and failures for the rest of all time. It’s time for a change.

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