Published: Sat, May 12, 2018
IT | By Lester Massey

Apple, Goldman Sachs Collaborating on Apple Pay Credit Card

Apple, Goldman Sachs Collaborating on Apple Pay Credit Card

The card, which will be part of a larger partnership between Apple and Goldman that extends to other services like financing, will likely be Apple Pay-branded and is expected to use the Visa network, though details remain scarce.

As per the reports of BGR, the card would be having the Apple Pay logo and would launch sometime around 2019.

Goldman has been incrementally pushing into consumer banking products.

A co-brand credit card is when a company partners with a bank to create a credit card that will spur loyalty and spending with the company.

Apple and everyone's favorite banking giant are launching a new joint credit card that will push the tech juggernaut deeper into people's bank accounts, and ultimately help them become a trillion dollar company.

Apple now has a credit card with London-based Barclays, which Goldman will replace.

Apple is a huge and iconic brand, and it would be a symbolic success for Goldman as it enters the consumer credit card market, industry experts claim. As of now, the specifics terms of the deal is still being decided upon including the benefits from the planned credit card and "perks for the customers".

The new Apple-Goldman Sachs credit card is anticipated to make it debut early next year.

Apple has been winning the hearts of it's invested lately, this can be seen last week when Berkshire Hathaway Inc bought 75 million additional Apple Inc shares in the first three months of the year, CEO Warren Buffett told CNBC, aggressively ramping up its bets on the iPhone maker. Apple is thought to be leaning toward revenues from its services, such as Apple Pay, as a means of adjusting to declines in sales for its pricey new iPhones and other devices.

"Consumers want a better way to manage their finances", GS Bank chief executive Stephen Scherr said in a release.

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