Apple Partnering With Goldman Sachs For Apple Pay Branded Credit Cards

Apple is partner with one of the world’s largest investment banks and financial institutions - Goldman Sachs for Apple Pay branded credit cards, the card would be launched as soon as early 2019, reports The Wall Street Journal.

For the partnership, Goldman Sachs is also set to offer in-store loans to attract more people to purchase Apple products. Previously, the company has teamed up with Barclaycard to provide Apple rewards program and financing deals through Barclaycard Apple Rewards Visa, with the new partnership, Apple likely to end its reward program.

Apple Inc. and Goldman Sachs Group Inc. are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.

The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said.

This can seen as a bright move by Goldman Sachs, as it hopes to boost its business by providing credit cards to consumers and companies for buying Apple products. The new Apple Pay Credit Card would replace the existing Apple Rewards Card, and make Goldman Sachs as its new long-term collaborators.

Apple and Goldman Sachs are still discussing the terms and welfare measures of credit cards, including preferential items for consumers. If the negotiations goes smoothly, we should learn more about it at the WWDC next month.

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