Apple and Goldman Sachs are reported to be preparing the launch of a new joint credit card, a move that would deepen Apple pay’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.
Goldman Sachs and Apple partner for new credit card
The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said. Apple will replace its longstanding rewards-card partnership with Barclays, the people said.
Spokesmen for Goldman Sachs, Apple and Barclays declined to comment. The Wall Street Journal reported on the new partnership earlier Thursday, saying a card could be released next year.
Barclays offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases. For purchases over $999, Barclays also offers 18 months of interest-free financing.
Apple has been expanding into finance through Apple Pay, which allows users to load their debit and credit cards into a digital wallet and pay with their phone. Since its debut in 2014, the service has attracted roughly 86 million consumers, according to Juniper Research. Last year, the technology giant launched Apple Pay Cash, a P2P payments platform that allows Apple to compete with PayPal’s Venmo.
Merchants have been slow to adopt Apple Pay, with just 35% saying they accept the service in a 2018 survey by Kount. That compares with 64% of merchants saying they accept PayPal, which is considered the leader in digital wallets with 237 million users.
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