Are you ready for an Apple credit card? Because Apple and Goldman Sachs are teaming up to release a credit card in partnership, as early as next year, according to The Wall Street Journal.
This joint venture will be beneficial for the companies as Apple intends to delve deeper into customers’ wallets and the investment bank GS wants to step in the consumer finance business. A win-win situation for both!
The new credit card will carry the Apple Pay brand and also push the company further into mobile payment business. Both the companies are finalizing the terms and benefits of the plan card including the perks for the customers.
Also, the launch of the Apple’s credit card will bring an end to the tech titan’s longstanding reward cards partnership with Barclays.
A few months ago, Goldman Sachs had acquired the team from a credit card startup called Final. So the investment bank was planning seriously to step into the credit industry for quite some time.
As far as Apple is concerned, this move is aimed at increasing its user base of Apple Pay. But we will have to wait till 2019 to see how the card service operates or what enticing benefits it brings along for users.