Apple’s Credit Card Not Gambling Friendly
Apple is finally ready to launch its long-anticipated credit card. Apple’s first foray into the world of commercial banking, announced in earlier this year in March, is made possible thanks to a partnership with investment bankers Goldman Sachs. But, revealed Apple mere days ahead of the official launch, the card will not allow users to gamble on credit. Nor, surprisingly enough, will it provide any facility with which to purchase cryptocurrencies.
The gambling block, in hindsight, was written on the wall. Apple has after all made no secret of the fact that it plans to purge its App Store of all games allowing players to wager real money. Licensing jurisdiction, as it turns out, appears to be too heavy a cross for the tech-giant to bear. But it’s anyone’s guess where the moratorium on Bitcoin and its many brothers and sisters originated. Will we ever be rid of the scourge that was Silk Road? Even so, one has to wonder what Apple-Sachs’ refusal to marry into the crypto-family will end up doing to the value of digital currencies.
Let The Kiwis Lead The Way
The Apple-Goldman Sachs union isn’t the only one to have wagged its finger this way and that at the use of credit cards when concluding gambling and sports betting transactions. New Zealand not too long ago announced that it too had been playing with the idea of passing a blanket ban on the use of credit cards as payment-parties to gambling-related transactions. Online gambling is illegal in the country and so NZ’s Department of Inland Affairs hopes to crack down on foreign operators sneaking their way through the loopholes by establishing a point of control on the bank’s end of things.
Australia too, appears to be harbouring national fears about the effects that gambling on credit are having on its residents. Local bank Macquarie joined the no-more-gambling-on-our-plastic movement early on in July and announced that the official reason for the amendment to the bank’s policies is “growing regulatory pressure”.
One Step Forward, Two Steps Back
Apple hopes to move away from keeping all of its eggs in one basket by deviating from the beaten path of intense reliance on iPhone sales. The credit card offers to the tech giant the perfect opportunity to venture into a more passive form of income.
As for the bank, establishing a consumer-focused effort has been coming for quite some time. Its reasonably safe to assume then that Facebook’s Libra won’t be earning any interest courtesy of Goldman Sachs anytime soon then, either.