According to CNBC, several of the largest U.S. Banks or financial groups have partnered with apple and why investment bank Goldman sachs ended up taking over the business.
At the spring launch at the end of March, Apple claimed it would work with investment bank Goldman Sachs and credit card Union MasterCard to launch its own credit card in the United States this summer. The product, called Apple Card, is an entity + Electronic Credit card, the former a beautiful metal card, and the latter is an electronic credit card placed in Apple pay mobile payment service, suitable for different scenarios, such as the first machine that does not support Apple pay.
Apple’s goal is to shake up the credit card industry by not charging any fees, offering 1% to 3% cash refunds (there are similar activities in actual other bank credit cards in the United States). In addition, the “wallet” of iOS system does some optimization experience for Apple Card, such as giving consumers a clear reminder of where and how much money they spend, and displaying a summary of expenditure with color coding to help consumers understand their accounting situation.
While Apple claims it’s an “Apple Card,” there’s nothing on the Card except the Apple logo. But in fact, there are actual Banks behind it, and not just one. In addition to Goldman, financial institutions including J.P. Morgan Chase, Barclays and Synchrony are said to be competing for Apple Card.
But citigroup pulled out of the talks, fearing the deal with apple wouldn’t be lucrative enough.
Goldman did this because it was not in the consumer credit card business, its first toC credit card – the barefoot are not afraid to wear shoes, and it doesn’t have to worry about cannibalising its business because it didn’t before.
In fact, this situation is very much like when the iPhone generation launched, with Apple to work together, is AT&T such a relatively weak operator.
The same is probably true of Goldman’s thinking, and they want to use Apple’s influence and platform to build their overall strategy to attract ordinary consumers, and of course there are concerns that Goldman Sachs, which has little experience in consumer credit cards, could “put this card at greater risk for Apple”