It appears that Apple wants to get into the credit card game and if a report today by The Wall Street Journal is anything to go by, the company is gearing up to launch a new credit card in collaboration with investment bank Goldman Sachs. Apple already has an existing credit card partnership with Barclays and if it’s going with Goldman this time around, it would mean that the partnership with Barclays will be reaching its conclusion.
The report mentions that this new credit card is going to feature the Apple Pay branding and that it’s going to be made available to customers by early next year. The report even adds that Goldman Sachs is also going to provide Apple customers with in-store loans.
It merits mentioning here that Goldman Sachs recently acquired the team that created credit card startup Final. It signaled to the market that Goldman was now interested in properly competing in the credit card industry.
It already has a partnership with American Express and offers different kinds of premium cards to its account holders but with the Apple-branded card, the investment bank would be making its first proper move into the consumer credit card market that’s worth tens of billions of dollars.
The benefit for Apple here is that it’s going to push adoption of its mobile payments service Apple Pay, however, it’s not known as yet just how the company will get its customers to sign up for this new credit card. Apple hasn’t confirmed or denied this report so far.
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