Apple is working with Goldman Sachs on a new financially product-targeted iPhone buyer, a credit card that would be available directly on the iPhone through Goldman's Consumer Bank Marcus. Unlike regular credit card support on iPhone that allows users to add cards that can then be used for mobile payments through Apple Pay, the new product will apparently also offer buyers access to smart analytics features similar to what the activity app does on iOS devices. intended to help iPhone users better manage their finances.
The community card will be released to employees in the coming weeks The Wall Street Journal reports and will be released to the public later this year. [1
Engineers are working on new features for the Apple Wallet app that will encourage users to pay off credit card debt and manage their balances. Managers have discussed the loan of visual signals from Apple's training tracking app, where "calling" closes when users hit daily training goals, and sends users alerts about their expenses. There may also be messages based on analysis of cardholder spending patterns, and alert them, for example, if they paid more than usual for groceries one week.
The card itself would run on the Mastercard payment network, the report says and Apple is set to get a better commission than the fee it charges third parties for Apple Pay transactions. Customers will eventually get 2% cash back on most purchases, and perhaps more on Apple gadgets and services.
Meanwhile, Goldman will handle customer support centers around the country and build an internal system to handle payments. In total, Goldman has $ 200 million earmarked for the project, people who are familiar with the matter said. In the long run, Goldman hopes to turn more iPhone users into other Marcus products, including loans and asset management. The two companies considered a broader partnership that would include other financial services other than credit cards, but Apple execs were concerned about the privacy processes that would be related to such efforts.