Apple is using Mastercard as the rails, Goldman as the issuer, and another company is the processor. Therefore, it isn't really doing any of the payment processing, but it is more similar to a Nordstrom's or Saks' card.
I think Apple is hoping that the Apple card will get more users to adopt Apple Pay at the point of sale vs. dominate payment processing. Apple collects a small merchant loyalty fee when someone uses Apple Pay at the point of sale, even in cases where the card being used is Amex or Chase. My guess is the overall adoption of Apple Pay is a bigger win for Apple than the card itself. I am not sure there is much cause of concern here yet as people like their CC points, perks, and rewards? It doesn't seem like Apple has leverage here unless everyone stops carrying credit cards?
I think Apple is hoping that the Apple card will get more users to adopt Apple Pay at the point of sale vs. dominate payment processing. Apple collects a small merchant loyalty fee when someone uses Apple Pay at the point of sale, even in cases where the card being used is Amex or Chase. My guess is the overall adoption of Apple Pay is a bigger win for Apple than the card itself. I am not sure there is much cause of concern here yet as people like their CC points, perks, and rewards? It doesn't seem like Apple has leverage here unless everyone stops carrying credit cards?