Apple and Goldman Sachs manage to launch a joint credit card later this year, a report from Wall Street Journal claims. The key selling point of the card is expected to be deeper integration with the Apple Wallet app, enabling users to handle balances and set spending targets. According to Journal its sources, the card will begin internal testing in the coming weeks before the public launch.
The partnership is being explored as both Apple and Goldman Sachs appear to replace reduced revenue in other areas of their business, the report said. Apple is increasingly becoming services such as hardware revenue softens, and the new credit card is expected to generate more revenue than the existing Apple Pay commission. In addition to these bank plans, Apple is now scheduled to launch video streaming and news services, the latter of which could be announced as early as next month.
At the same time, Goldman Sachs launched its own Marcus Bank in 201
Apart from a 2 percent cash back rate, the key selling point on the credit card is expected to be deeper integration with the Apple Wallet app than regular cards. You can set goals for goals and track rewards, and the app will apparently be designed to encourage you to pay off your credit card debt and manage balances. If Apple Watch rings are an attempt to help you improve your physical health, this card can do the same for your financial health.
The plans, which were first rumored in May last year, do not come without the cost of either Goldman Sachs or Apple. WSJ notes that Apple is at risk of attacking its existing bank partners, who do not see the same level of integration as the company provides with the new credit card. Meanwhile, Goldman Sachs expects to spend as much as $ 200 million on the project, requiring the development of a customer service center and a new internal payment system.
WSJ claims that the card can start as early as spring, and it can eventually be extended to include personal loans, value creation services and other products. Apple did not immediately respond to a request for comment.