Apple has long seen payments as more than simple transactions, instead treating them as a way to rethink everyday financial life. Six years after launching Apple Card, the minimalist titanium card that removed annual fees, late charges, and foreign transaction fees, Apple is changing course again. The company announced that JPMorgan Chase, the largest bank in the US by assets, will replace Goldman Sachs as the card’s issuer, bringing greater scale, deeper innovation, and access to a $20 billion cardholder portfolio.
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The timing feels prescient. Digital payments, once the Wild West of QR codes and clunky apps, have matured into a $10 trillion global behemoth by 2025, per McKinsey estimates, with contactless taps and embedded finance blurring the lines between banking and everyday commerce. Yet cracks have…