Apple, Goldman Sachs may launch credit card next year

Last Updated: Fri, May 11, 2018 12:38 hrs
Apple iPhone 8 (AP Photo)

San Francisco: Apple has reportedly partnered with investment bank Goldman Sachs and might release a credit card next year, a media report said.

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.

Goldman Sachs would also offer in-store loans to Apple customers, the report said.

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.

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