Goldman Sachs, Apple Team Up on New Credit Card


The other is a financial powerhouse with few offerings for everyday consumers.

Apple and Goldman Sachs are planning to offer an Apple Pay-branded credit card and in-store loans to Apple Store customers, the Wall Street Journal reports today.

Goldman Sachs doesn't now offer any credit cards, so this would be a foray into a new area for the Wall Street firm.

Apple could also get a bounty for new users-the industry often pays $100 for such things.

The two companies have not settled on all the details, said the person, who spoke on the condition of anonymity because the talks were continuing. An Apple spokesman also declined to comment.

This move comes as the technology giant prepares to discontinue its long-time partnership with Barclays PLC (BCS), according to The Wall Street Journal report.

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The news enables Goldman Sachs to expand into an area previously occupied by Barclays. Goldman hopes to use those new products to reduce its reliance on trading revenue in the years to come. Buckingham Research increased their price objective on shares of Goldman Sachs from $285.00 to $292.00 and gave the company a neutral rating in a research report on Tuesday, April 17th.

In 2016, Goldman Sachs expanded into consumer banking with Marcus by Goldman Sachs, which offers financial services like personal loans.

Goldman Sachs has been looking to ramp up its efforts on the credit card front, and it appears to have found a willing partner in the form of Apple Inc.

Each bank has different protocols, but their security measures will have to be passed before Apple Pay is fully verified. It is expected to be launched in 2019 but it is not known yet if this would be your regular credit card with the Apple Pay branding, or will it be Apple-centric, providing features such as Apple Pay Cash, or discount on Apple products. Apple takes a small cut of each transaction.

Now only available on Apple devices, expanding into the physical realm will enable the tech company to achieve their ambition of replacing cash and plastic.

Apple Pay is the Apple's mobile payment and virtual wallet service. During the same period in the prior year, the firm earned $5.15 earnings per share. equities research analysts anticipate that Goldman Sachs will post 23.27 EPS for the current year. Even earlier this year 16 percent of global iPhone owners have activated Apple Pay.