Apple is set to roll out a credit card with Goldman Sachs this spring, reports the Wall Street Journal.
It's part of a push by Apple to focus on fee-generating services and it continues Goldman's campaign to appeal to rank-and-file consumers.
It is unclear if the partnership will affect Apple's current arrangement with Barclaycard, which gives customers the opportunity to earn reward points for purchases made, which equate to Apple Store, App Store and iTunes gift cards. That's up from 36% estimated in the September quarter, and 20% percent for the December quarter of 2017.
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The joint card, which will use Mastercard's payment system, will offer customers cash back of roughly two per cent, while spending on Apple produces could reap greater rewards, the sources said. With this possible collaboration with GS, Apple is expecting to increase revenues from the services business, most notably from Apple Pay.
The Apple Pay card will use Mastercard's payment network, which is the second-largest in the U.S. after Visa, the sources added.
From an economic standpoint, we can see that Apple will receive a small share of each transaction - as and when the credit-card is used.
The credit card is to be tested on employees of both companies in the next few weeks, with an official launch planned in the United States later this year.
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Goldman Sachs has been investing in rolling out consumer banking products through its Marcus unit. Goldman Sachs is fairly new to consumer-facing banking.
Apple has been trying to break into financial services in a significant way for three years through its Apple Pay feature.
Goldman Sachs declined to comment.
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