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February 22, 2019

Apple and Goldman Sachs partner to launch new credit card

Technology giant Apple and investment bank Goldman Sachs are reportedly joining forces to introduce a credit card that can be paired with iPhones.

The Apple Goldman Sachs credit card will utilise Mastercard’s network, enabling users to earn nearly 2% cash back on purchases, according to a report by the Wall Street Journal.

Users can earn more on purchases of Apple products, the report said.

Linked with Apple’s wallet app, the card is also said to enable cardholders set goals and monitor spending.

The new offering is expected to be trialled in the coming weeks with staff, the report said.

The companies are said to plan a commercial launch of the card later in 2019.

The move is hailed as Apple’s plan to diversify its revenue sources after recent sluggish sales of iPhones that account for bulk of the company’s profit.

Meanwhile, Goldman Sachs recently forayed into the consumer banking space by launching online bank Marcus.

The credit card, if launched, will be a first for the bank that is currently in the process of launching customer-support call centres.

The bank is also developing an internal system to manage payments.

Goldman Sachs aims to tap Apple’s wealthy client base and convert them into clients of Marcus, according to the report.

 

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