Apple and Goldman Team Up on Credit Card Paired With iPhone
February 22 2019 - 02:28AM
Dow Jones News
By WSJ City
Apple and Goldman Sachs plan to start issuing this spring a
joint credit card paired with new iPhone features that will help
users manage their money.Apple and Goldman are entering a crowded
field with little experience. Both are looking for new revenue
sources as their bread-and-butter businesses struggle. It is a
major push by Apple into the financial lives of hundreds of
millions of iPhone users. It is also part of Goldman's broader
strategy to appeal to rank-and-file consumers.
KEY POINTS
-- The card will officially launch later this year, said people familiar
with the matter.
-- The companies hope to lure cardholders by offering them extra features on
Apple's Wallet app.
-- The app will let them set spending goals, track their rewards and manage
their balances, the people said.
-- WSJ reported last year that the companies planned to launch a joint
credit card.
WHY THIS MATTERS
As iPhone sales cool, Apple is turning to fee-generating
services. The company aims to boost its services revenue to $50bn
by 2020. Goldman launched an online consumer bank, Marcus, in 2016
to offset a decline in securities trading. Apple has a loyal
following among wealthy, tech-savvy young adults whom Goldman hopes
to turn into Marcus customers.The companies are betting that Apple
customers will use the card because it is better integrated into
the iPhone.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
February 22, 2019 02:13 ET (07:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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