Apple To Launch Apple Pay-Branded Credit Card In Early 2019
According to The Wall Street Journal, Apple is currently in the process of partnering with Goldman Sachs with the aim of introducing an Apple Pay-branded credit card in early 2019. If accurate, this would see Apple venturing deeper into the physical payment space through its established Apple Pay network.
Most consumers across the globe know Apple for its hardware offerings, such as iPhone, iPad, and Mac, but the company isn’t exactly brand new to having its name and logo stamped on a physical card that lives in the non-digital wallets of consumers.
The Cupertino-based company already partners with one of the world’s largest financial institutions, Barclays, to provide an Apple-branded Rewards credit card which works directly with Apple Pay – as you’d expect.
However, it’s being suggested that this new deal with Goldman Sachs would work out better for Apple in terms of the financial element of the partnership as well as being able to offer consumers a little extra, such as in-store loans for Apple products, according to the WSJ:
The partnership will extend into other services including Goldman offering in-store loans to Apple customers buying iPhones and other gadgets, an effort The Wall Street Journal reported on in February
Apple and Goldman are still hashing out the terms and benefits of the planned card including the perks for customers, these people said.
If this deal with Goldman Sachs does go ahead, the new card could be offered into the financial marketplace as early as Q1 2019 and would essentially replace the current Apple Rewards credit card, with Goldman Sachs replacing Barclays as the financial powerhouse behind that card. It’s presumed that any provided card would have Apple’s branding and the Apple Pay branding slapped all over it to ensure that it’s immediately known that the card has been issued by Apple in partnership with its financial partner. It all sounds like a step into a new market for Apple, but, in reality, it’s likely just going to be a change of financing partners and a refresh to the physical card.
At present, both companies are locked in negotiation to come to an agreement on the exact terms of the partnership. More on this when an actual deal and product is announced.