It has become obvious that Silicon Valley is going to disrupt the banking business. First, it was the likes of Paypal. Then, Facebook FB, +0.68% with the Libra digital currency. And now it’s Apple AAPL, +0.43% with Apple Card.
According to analysts, what sets the Apple credit card apart from other cards is that it relies on the iPhone. Using Apple ID, according to this makes the card secure. But that’s not what the company chose to highlight in its pitch to consumers.