Goldman Sachs, a New York City, NY-based multinational financial services company, and Apple Inc. a Cupertino, California-based multinational technology company, as per reports last month, have joined forces on iPhone paired credit cards roll-out for improved money management.
As per reports, on the card, which will be linked with the Apple Wallet, users can set spending goals, track their cash incentives & rewards, and manage balances. The news follows Apple & Goldman Sachs’ earlier announcement, in May 2018, when the two giants in their respective fields announced the new credit card launch in early 2019.
The news report further elaborates that the new cards will be initially rolled out to employees for compliance and security testing in the next few weeks and will be only be introduced to the general public later this year. This definitely is a boost for Apple, enabling swifter mobile payments and a definite upgrade in revenue after the company’s recent dip in iPhone sales, owing to its exaggerating sky-high prices, which generate most of the company’s profit. Moreover, with this credit card launch, Goldman too expects a figure reversal in its already dipping trading business revenue.
The joint card is supposed to use the Mastercard payment network and will be offering an initial cashback of about 2% on most purchases. Also, speculations are that spending on Apple products and services can entitle users to extra cashback and rewards than on normal purchases.
Goldman Sachs has already started customer-support call centers and is currently working on building an internal system to handle payments, a project that is expected to cost a whopping $200 million to the bank.