Apple and Goldman Sachs to Launch New Credit Card with Wallet App Integration

BY Rajesh Pandey

Published 21 Feb 2019

Apple plans to work with Goldman Sachs to offer a joint credit card that will offer new Wallet features to iPhone owners. The two companies plan on rolling out this new credit card for testing of their employees over the next few weeks and launch it later this year.

Apple and Goldman Sachs plan on offering extra features via the Wallet app to such credit card users. This will include using the app to track their spending habits, set spending limits, track their rewards, and more. The new card will make use of the MasterCard network.

The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter. The companies hope to lure cardholders by offering them extra features on Apple’s Wallet app, which will let them set spending goals, track their rewards and manage their balances, the people said.

Apple is preparing the Wallet app for this functionality and has given it a major revamp with the iOS 12.2 update that is currently under beta testing.

Last year, a WSJ report had detailed that Apple was in talks with Goldman Sachs to offer loans to customers interested in buying Apple products. It looks like the two companies have changed their strategy and now want to lure customers to get a credit card for its tight Wallet integration.

The move will allow Apple to further boost the revenue of its Services business as it would be able to take a small fee for every swipe made by the credit card customer.

Will you be willing to take a credit card just because it offers integration with the Wallet app on your iPhone?

[Via WSJ]