As per new report Apple—the tech giant might launch its very own credit for its users by the next year.
Apple has partnered with the investment bank and the Wall Street giant—Goldman Sachs. According to a report from the Wall Street Journal Apple intends to introduce an Apply Pay branded credit card.
As per the reports of BGR, the card would be having the Apple Pay logo and would launch sometime around 2019. However, it is still not known with clarity that whether the card would function like a normal regular credit card with the logo of Apple or would it give access to features like Apple Pay Cash or would it give some specific discounts on the firm’s products and services.
Presently, the Cupertino technology giant presents a “Barclaycard Visa” with specific financing and reward options for doing shopping at Apple. Customers could get a loan up to six-month in-purchases of under five hundred US Dollars, and an eighteen-month loan on a purchase of above thousand US Dollars. That’s not just it, customers could also get reward points for shopping at Apple, and the card would be redeemable as iTunes Gift Cards.
Goldman Sachs is popularly known for being the biggest bank of the Wall Street investment and has lately been looking at consumer lending as a new option for expansion. As per reports, a Goldman Sachs backed Apple Pay card holds the potential for Apple to try much deeper integration between its payments network and physical monetary transactions. It would also offer in-store loans to the Apple customers.
Apple already permitted users to send money via a service known as “Apple Pay Cash”, which is at the moment the easiest way, however, only works at stores with contactless technology built into their payment stations. The new Apple Pay card would allow users to spend their Apple Pay Cash in any store that would be accepting the credit cards.
According to The Verge, this new initiative would be a big venture for Goldman Sachs into consumer credit cards that would expand much beyond their own customer base.
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