Technews & Gadgets

Apple to launch credit card in partnership with Goldman Sachs bank

According to the Wall Street Journal, the credit card project announced by Apple and Goldman Sachs should see the light of day this year. Tested initially with employees of the Apple brand, the public launch should follow in the spring with enhanced integration into the Apple Wallet application, allowing improved budget and expense management.

Apple and Goldman Sachs team up to launch credit card

photo of Apple and Goldman Sachs partnership to launch credit card with Wallet

According to the report published by the American daily, the partnership of the two digital and financial giants would aim to fill the respective growths at half mast in certain sectors of their activities. According to its plans, Apple no longer hides its intention to turn more to services, in order to counter the decline in its income from its hardware products and thus relies on this new card to expand its catalog and therefore increase its revenue (like its upcoming new video streaming service). Apple’s connection with the banking world is not, however, a first, the brand having previously partnered with Barclaycard, through a loyalty offer, while, for its part, the American bank Goldman Sachs has began its diversification with the creation in 2016 of the online entity Marcus Bank. The windfall offered by the vast customer base of the iPhone manufacturer would be a godsend for it, thus positioning itself as a privileged interlocutor for personalized banking services..

New card launched by Apple and Goldman Sachs will integrate Wallet for improved budget management

iPhone image with Apple Wallet application that will manage the new credit card launched with Goldman Sachs

In addition to reductions of 2% minimum on certain purchases, the card should attract mainly by its improved interactivity to the Apple Wallet application, allowing the management of its budget and its accumulated benefits, avoiding in the process widening a deficit generally due to credit cards, a common phenomenon in the United States. A new service full of good intentions, then. This new challenge will not be without cost for the two protagonists, however. Indeed, the implementation of the project should cost the bank no less than 200 million dollars, in particular by the creation of infrastructures dedicated to customer service and payment processing. For its part, the choice of Apple should not remain without consequences for its current partners in the banking world, they who should not welcome the improvement of the service offered by Wallet compared to the already existing one. Apple Pay, in which they are also a stakeholder. Especially since this new card could further expand its offerings, especially in terms of personal loans, or even more.

Apple already had a foothold in banking with Apple Pay

photo illustration Apple Pay for credit card partnership with Goldman Sachs and Apple Wallet

Apple is increasing its service offerings to make up for the drop in its figures

image credit cards for article on Apple and Goldman Sachs partnership for a credit card with Wallet app