Apple (NASDAQ: AAPL) is acting more and more like a bank. In fact, the Apple Card now offers online bill payment just like a bank.
Thus, Apple, Goldman Sachs (NASDAQ: GS), and MasterCard (NYSE: MA) are competing directly with traditional banks. To explain, Goldman Sachs Bank USA issues the Apple MasterCard.
AppleCard holders can access the Bill Pay via a new web portal, The Verge reports. Therefore, you can pay bills via the AppleCard without a compatible iOS device. Formerly, you needed an iPhone or iPad to pay bills with the AppleCard.
Yes Apple is now a Bank
However, you will need an iPhone or iPad to access Apple’s Bill Pay, The Verge reveals.
Thus, Apple Pay now has similarities to a bank. To explain you can now pay bills, transfer money, access saving accounts, access checking accounts, and lines of credits through Apple Pay.
Hence Apple Pay now resembles a bank account. Moreover, the AppleCard gives ordinary people direct access to the services of the world’s most powerful investment bank, Goldman Sachs.
Hence Apple Pay offers premium services no main street bank, credit union, or monster bank can. I have to wonder how other financial institutions can compete with that.
Goldman Sachs Enters Consumer Banking with Apple’s Help
Additionally, skeptics will wonder who is in charge of the AppleCard. I have to wonder if the AppleCard is Goldman Sachs’ stealth means of entering consumer banking.
If Goldman Sachs is in charge, that could be excellent news for ordinary Apple consumers. They will get access to Goldman Sachs’ name and services.
On the other hand, the AppleCard could put Wall Street in charge of ordinary Americans’ money. Hence, this could be terrible news for America’s taxpayers who have already bailed out Wall Street once this century.
Investors and consumers need to watch the AppleCard and the Apple/Goldman Sachs relationship closely because it shows how our banking system is developing. I predict brick and mortar banks could disappear within the next 10 years if current trends continue.