Date
16 August 2018
Apple and Goldman Sachs are set to launch a joint credit card branded with contactless payments system Apple Pay. Photo: Bloomberg, Xinhua
Apple and Goldman Sachs are set to launch a joint credit card branded with contactless payments system Apple Pay. Photo: Bloomberg, Xinhua

Goldman Sachs, Apple to launch joint credit card: WSJ

Apple and Goldman Sachs are preparing to launch a joint credit card as early as next year, The Wall Street Journal reported, citing people with knowledge of the matter.

The planned card would be branded with Apple Pay, the technology giant’s mobile payments platform.

The new partnership will extend to other services, including Goldman offering in-store financing to Apple customers who want to buy iPhones and other gadgets, the newspaper said.

Apple has a longstanding rewards-card partnership with London-based bank Barclays, which allows users to earn points they can use for Apple gift cards or for financing the purchase of new Apple products.

In its new partnership with Goldman Sachs, Apple could take a larger cut of the mobile payments if it the joint credit card is used for purchases, one of the sources told the Journal.

Currently, Apple generates a small amount of revenue in every transaction consumers make using the digital wallet on iPhone, regardless of which credit card the customer charges. That fraction received by Apple would increase under the agreement with Goldman, the WSJ said.

The card is Goldman’s first credit card offering as it pushes into consumer banking activities such as deposit-taking and personal loans while diversifying its revenue sources away from institutional areas like trading and investment banking.

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