Apple Pay Credit Card: What Is iPhone Maker Upto?

Apple Pay Credit Card: What Is iPhone Maker Upto?

The card would be branded with Apple Pay, the tech giant's digital payment service, the Wall Street Journal reported, citing people with familiar with the matter.

Barclays offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases.

Goldman has been incrementally pushing into consumer banking products.

Apple is a huge and iconic brand, and it would be a symbolic success for Goldman as it enters the consumer credit card market, industry experts said, but it is not a large co-brand partnership like American Express' partnership with Delta Air Lines, Citigroup's partnerships with Costco and American Airlines or JPMorgan Chase's partnerships with Marriott and United.

Apple Pay was introduced by Apple Inc. back in 2014.

The idea of an Apple credit card may sound unusual to consumers. As of now, the specifics terms of the deal is still being decided upon including the benefits from the planned credit card and "perks for the customers".

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This is the second time Apple and Goldman have been mentioned together as potential partners. However, Goldman Sachs is the renowned American investment bank.

Analysts praised a big jump in revenues in Apple's services business, which is seen as an important element of diversification away from having revenues tied to gadgets.

Goldman Sachs previously acquired a credit card startup, Final.

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. But some users still prefer physical payment methods, which is why Apple is releasing an Apple Pay credit card.

Although people don't consider Apple Pay a huge success, a report confirms that almost 16% of Apple user have configured Apple Pay on their devices.

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