Apple may be looking beyond mobile payments with a credit card of its own. A new report claims that the company will be teaming up with Goldman Sachs to launch a credit card of its own which will be available to the public later this year.
The Wall Street Journal reports that the credit card would be made available to the public following a trial run with Apple employees. A physical card would enable Apple to get a bigger chunk of revenue from swipes even though it continues to roll out its Apple Pay mobile payments service in more markets across the globe.
The credit card would obviously integrate with the Apple Wallet app to provide additional functionality to cardholders such as debt, money, and rewards management. The report mentions that the UI might borrow from Apple’s Health app with “rings” that track users’ daily spend and notifications that alert them if they go over set monthly targets. Perks may include 2 percent cash back on most purchases with the percentage likely going higher for spending on Apple products.
It will be backed by Goldman’s Marcus online bank which stands to gain a lot of customers by linking up with Apple. The financial giant is reportedly spending $200 million on the card’s back end infrastructure to create an internal payment handling system and customer support call centers.