Apple has reportedly partnered with investment bank Goldman Sachs and might release a credit card next year, a media report said. Also Read - Samsung Galaxy Z Fold3, Galaxy Z Flip3 launch on August 27? New report suggests
A report in Wall Street Journal claimed that the new credit card — which marks the end of Apple’s credit card partnership with Barclays — would use the Apple Pay branding. Also Read - Jio launches 5 new prepaid plans with no daily data limit, unlimited voice calls and more
Goldman Sachs would also offer in-store loans to Apple customers, the report said. Also Read - GST cut: Pulse oximeter, oxygen concentrator, other COVID-related medical devices get cheaper
The move follows Goldman Sachs acquisition of the team behind Final, a credit card startup. Final’s dozen employees later joined Goldman’s new Consumer and Commercial Banking division.
Goldman Sachs has a partnership with American Express and its Platinum card. This would be its first foray into consumer credit cards.
For Apple, the move is expected to increase user adoption of Apple Pay.