Apple, which already includes Apple Pay e-wallet and Apple Pay Cash in its iOS operating system, plans to launch its credit card business.
According to the Wall Street journal, Apple is preparing to issue credit CARDS in partnership with investment bank Goldman Sachs and will first let its employees test them.
Apple’s credit card will use the Apple Pay brand-meaning the end of Apple’s partnership with Barclays on credit cards, with the news that it is expected to launch a new Apple credit card this year.
Goldman Sachs will also offer in-store consumer loans to apple users, the report said.
The Apple Goldman Sachs co-branded credit card can be integrated into the Apple wallet app for transfer and recharge. There will also be credit card rewards management tools, as well as the introduction of a progress loop design similar to the one in the Apple health app, which will allow visualized tools to track users’ spending.
On the other hand, Goldman Sachs, which may work with Apple, is expected to take the opportunity to attract more customers to choose its Marcus Online banking service- Goldman Sachs has been spending 200 million of dollars to support the construction of credit card products, including call centres and internal systems for payments.
As iPhone global sales slowed, particularly in China, the sharp decline in sales; Apple has also moved to focus more on services such as mobile payments, streaming music subscriptions and App Store sales.
Apple Pay plays a major role in all of Apple’s businesses, and the introduction of credit cards will benefit Apple Pay’s promotion.
A joint launch of Apple Pay credit cards with Apple means Goldman Sachs is taking it a step further in consumer finance.
For Apple, the move should be to entice more users to use Apple pay.
But for now, it’s unclear how Apple’s joint credit card with Goldman Sachs will operate to serve consumers.