Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News

Goldman Sachs Backs Apple Teaming Up on a Paired Credit Card With iPhone

Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

Apple is working with Goldman Sachs, an American multinational investment bank and financial service company, on the release of a joint credit card paired with personal financial management applications on the iPhone. People familiar with the matter cited, that the card, which uses the Mastercard network will be rolled out for employee testing within the next few weeks.

While rumors of the relationship have been circulating for a year, the Wall Street Journal says that Apple plans to beta test the product with employees in the coming weeks before a commercial rollout in the spring. According to the report, employees will begin testing the card soon, and it will officially launch later in 2019. The credit card will be paired with new iPhone features designed to help Apple customers manage their finances.

According to the Journal‘s sources, Goldman Sachs is investing $200 million into call centers and payment processing. Reports suggest Apple has decided to use MasterCard’s payment network so cardholders could stand to receive 2% cash back when they make a purchase. Instead of using travel perks and other techniques used by other credit card companies, the sources say Apple and Goldman Sachs are betting on iPhone integration to boost adoption.

Apple and Goldman Sachs haven’t yet chosen official launch date. However, neither Apple nor Goldman Sachs has historically focused their efforts in consumer credit cards, which may or may not create some future conflict when the card launches.


Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic