Published By : 11 May 2018 | Published By : QYRESEARCH
As per latest reports, investment bank Goldman and tech giant Apple are in the process of unveiling a new credit card jointly. They are currently formulating the product.
There are high chances, the card which would bear the Apple Pay brand, would be rolled out at the start of next year.
This also means that the iPhone maker would replace its long association with Barclays for reward-card. So far, however, all the three have declined to say anything about it.
Apple Ditches Earlier Partner Barclays
In the past couple of years, Apple has partnered with Barclays to offer Barclaycard Visa card with Apple rewards. But association between the two might have soured after a point in time.
With analysts predicting slumping sales of flagship product of Apple - the iPhone, the multinational company has now shifted its focus on the services it offers such as mobile payments, App Store, and music streaming. In the three months ended March 31, the unit's revenue rose by 31 percent to over US$9 billion.
Goldman, on the other hand, has been trying to figure out ways to augment its consumer banking business to make up for the weakness on the trading front. Executives at the Wall Street Bank last year hatched a plan to rake up US$5 billion in revenue from different sources such as consumer banking.
Apple was reportedly in talks with Goldman to provide financing to shoppers who buy products of Apple, including the most popular iPhones.