SAN FRANCISCO: Apple has reportedly partnered with investment bank Goldman Sachs and might release a credit card next year, a media report said.
A report in Wall Street Journal claimed that the new credit card — which marks the end of Apple’s credit card partnership with Barclays — would use the Apple Pay branding.
Goldman Sachs would also offer in-store loans to Apple customers, the report
The move follows Goldman Sachs acquisition of the team behind Final, a credit card startup. Final’s dozen employees later joined Goldman’s new Consumer and Commercial Banking division.
Goldman Sachs has a partnership with American Express and its Platinum card. This would be its first foray into consumer credit cards.
For Apple, the move is expected to increase user adoption of Apple Pay.
The Apple-Goldman card could help the companies combat weaknesses in their core businesses.
As new iPhone sales growth slows, Apple is focusing on services such as mobile payments, streaming-music subscriptions, and App Store sales. Apple Pay, which generates revenue on each transaction, is a key contributor, but adoption has been slower than executives hoped.
The partnership will extend into other services including Goldman offering in-store loans to Apple customers buying iPhones and other gadgets.
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