Apple and Goldman Sachs to unveil new credit card
Apple and Goldman Sachs are planning to launch a new credit card as early as next year, according to the Wall Street Journal (WSJ).
Continues to make a push into consumer banking activities
The WSJ cited people with knowledge of the process, and says the move comes as Goldman continues to make a push into consumer banking activities such as deposit-taking and personal loans.
In a major blow to Barclays, the WSJ says Goldman could replace it as Apple’s financial partner for credit cards.
The card will be branded with Apple Pay, which as you know is all over the place. Last month it landed in Brazil. According to its website, Apple Pay is now supported in 27 countries.
The partnership could also include Goldman offering in-store loans to Apple customers for the tech company’s products, the WSJ adds.
Spokespeople for Apple and Goldman declined to comment to the media. No problem. We’ll just speculate to our hearts’ content.
Gadgets and going places
Both companies are very active in our fintech world.
While Apple is a gadget lover, it is looking to boost revenue from other areas and it sees the payments space as a good place to do business.
Apple Pay is doing well despite competition from Google and Samsung. According to statistics portal Statista, Apple Pay has 87 million users worldwide.
Apple is also no stranger to partnerships or diversification.
One example, and as we reported in February, Cisco, Apple, Aon and Allianz joined forces to launch a new cyber risk management solution. It is comprised of cyber resilience evaluation services from Aon, technology from Cisco and Apple, and options for enhanced cyber insurance coverage from Allianz.
Goldman is lively as well and is looking to diversify its revenue away from trading and investment banking and more into the consumer side.
Some of its recent activities include taking a stake in UK online broker Trussle and buying Clarity Money to bring over one million customers to its online lending platform Marcus.
