Informed sources said that Apple and Goldman Sachs plan to launch a joint credit card will use the Apple Pay brand, may be launched early next year. Apple will no longer cooperate with long-term return card partner Barclays Bank.
The joint credit card may help both parties to make up for the deficiencies of their core business. With the slowdown of new iPhone sales, Apple is focusing on mobile payment, streaming music subscriptions, and App Store sales. Apple Pay generates revenue from each transaction. A key revenue contributor to Apple's services business, but its popularity has been slower than Apple executives expected.
At the same time, Goldman Sachs is advancing into the consumer banking business to offset the decline in the securities trading business. Since the financial crisis, the revenue of Goldman Sachs' securities trading business has fallen by two-thirds. In 2016, Goldman Sachs introduced a consumer named Marcus. Banking, providing online savings accounts and personal loans. Goldman Sachs executives have been exploring the addition of credit card and financial management tools.
The Wall Street Journal reported in February that Apple has partnered with Goldman Sachs to provide loans for users who purchase iPhones and other devices in Apple stores.
Apple, Goldman Sachs and Barclays Bank declined to comment.