CUPERTINO, Calif.–Apple is preparing to launch a new credit card as it seeks to grab a bigger piece of the consumer financial market. The company is partnering with Goldman Sachs on the initiative.
Plans call for the card to carry theApple Pay brand with a launch date set for early 2019. The new card would replace the current rewards card partnership Apple has in place with Barclays, according to the Wall Street Journal.
“The Apple-Goldman card could help the companies combat weaknesses in their core businesses. As new iPhone sales growth slows, Apple is focusing on services such as mobile payments, streaming-music subscriptions, and App Store sales,” the Journal said. “Apple Pay, which generates revenue on each transaction, is a key contributor, but adoption has been slower than executives hoped.”
For Goldman, the move into consumer banking could help it compensate for a slump in securities-trading, the Journal added. As CUToday.info reported, Goldman entered retail banking business in 2016 with an offering called Marcus that offered online savings accounts and personal loans.
The partnership will also include Goldman offering in-store loans to Apple customers buying its various products, said the Journal.
Details on pricing and perks of the card have not been released.