Apple And Goldman Sachs Plan To Offer A New Credit Card

Recent talk has it that Apple has joined up with Goldman Sachs in an attempt to offer a new credit card under the Apple Pay brand in the near future.

In recent news, the investment bank Goldman Sachs and Apple have been negotiating for months on developing a new credit card that would feature the Apple Pay logo. It seems both sides are negotiating the terms and benefits such as what type of reward program would be offered with the forthcoming credit card.  It has been stated that if all continues to go well, the new credit card could launch as early as next year.

Currently, Apple and Barclays have a joint partnership where Apple customers are able to finance Apple products and receive Apple rewards under the Barclaycard Apple Reward Visa. It seems the partnership with Barclay will be ending, and Goldman Sachs will become the new replacement.

Both companies are looking to add more to their business services during this joint venture, Goldman Sachs is hoping more iPhone users who represent the vast majority of using Apple Pay might eventually use other services that the bank has to offer. Apple, of course, is hoping this new venture will open up greater awareness of its digital wallet.

Apple introduced Apple Pay in 2014 and is slowly making its way into the vast digital wallet world. Apple Pay is competing with Samsung Pay, Google’s Android Pay, Alibaba Pay, as well as China’s WeChat Pay. Stay tuned for more updates to come regarding this new venture.

Source: Macrumors, NYTimes