Global technology giant Apple is a diverse company, and it is already present in a number of industries ranging from computing, smartphones, energy, consumer electronics, digital distribution of content, and semiconductor design and fabrication. The company was planning to enter the automobiles sector with attempts at creating its own driver-less, autonomous car. It seems like that is not enough as reports emerged that the company is planning to extend its stay in the banking sector with the launch of a new credit card. Also Read - Facial recognition payments just around the corner, but is it a safe mode of transactionAlso Read - Twitter hits 211 mn daily users, defies Apple privacy changes
According to WSJ, this new partnership with Goldman Sachs for a new credit card will mark the end of Apple s credit card partnership with Barclays. It is interesting to note here that the new credit card will come with Apple Pay branding. The report points out that this new credit card is expected to launch early next year . As part of the partnership, Goldman Sachs will also offer in-store loans for Apple customers. Also Read - Apple Watch Series 8 to bring infrared blood glucose sensor, suggests report
Another report by The Verge states that this development comes months after Goldman Sachs acquired the people working behind the credit card startup, Final. This is not the first partnership for Goldman as it has had partnerships with American Express offering Platinum cards. But, the American Express cards and other premium credit cards are offered to Goldman Sachs account holders. Partnership with Apple will be the first time where Goldman is offering consumer credit cards that extend beyond its own customers.
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Apple has not issued any official statement regarding this report at the time of writing. We are not sure that how the credit card will operate in comparison to how Apple Pay works or any offers or benefits that Apple will offer to pull customers to use its credit cards.