Apple working with Goldman Sachs to launch credit card early next year, says report
Apple is working with financial giant Goldman Sachs on a credit card that would carry the iPhone maker's digital wallet logo, according to a report
San Francisco: Apple is working with financial giant Goldman Sachs on a credit card that would carry the iPhone maker's digital wallet logo, according to a report Thursday in the Wall Street Journal.
The move comes as Apple puts increasing focus on revenue from online services and content, and as Goldman Sachs seeks to make more money from consumer banking operations.
Apple declined to comment on the report, which cited unnamed people close to the matter.
A joint credit card bearing the Apple Pay brand could launch early next year, and replace a rewards-card partnership Apple has with Barclays, according to the Journal.
Apple, which still gets most revenue from the iPhone, reported a hefty rise in earnings during the first three months of this year, alleviating worries about the iPhone's prospects and a hit from US-China trade tensions.
Analysts praised a big jump in revenues in Apple's services business, which is seen as an important element of diversification away from having revenues tied to gadgets.
A 31 percent rise in services to $9.2 billion was credited to revenue gains from Apple Pay, Apple Music and other programs.
Goldman Sachs Bank USA last month acquired personal finance startup Clarity Money. Financial terms of the deal were not disclosed.
Free-to-use Clarity Money is a leading app that uses artificial intelligence to help people manage their finances with personalized, "actionable insights" such as saving money or finding better credit cards, according to Goldman Sachs.
"Consumers want a better way to manage their finances," GS Bank chief executive Stephen Scherr said in a release.
Apple is planning to move its production facilities away from China and into India, owing to China’s harsh COVID-19 guidelines, tensions with the US government, and reduced dependability.
Apple's upcoming smartwatch, the Apple Watch Series 8 is supposedly getting a new front display, which will be much flatter, and will also come with a much faster processing chip. The watch will be released along with the iPhone 14 in Sepetember.
Apple has introduced a new set of accessibility features for iPhones, which the tech company says will improve the quality of life of several differently abled people. One of the new features, Door Detection allows users with low or no visibility to detect and learn about operating doors in a new and foreign environment.