Back on February 21, 2019, according to one of the leading news company, mobile giant Apple and investment behemoth, Goldman Sachs is working on a joint venture. At present, both the companies are working to launch a credit card at the beginning of the spring season. One of the concerning figures also told the news agency that in a matter of upcoming weeks employees of both the companies will start to use the credit card on a trial basis.
The concerning figure also told that companies are designing credit card for iPhone users so that they can maintain their finances in a better way. According to WSJ, a news reporting agency, the credit card has a similar working criterion as that of a MasterCard. The report further unravels that the joint venture will provide greater cash back to customers who will purchase Apple’s product with the help of this credit card. Both the companies are trying to increase their customer base by providing options like mobile wallet through which a user can track their spending and rewards.
In relation to the joint venture, a concerning figure of Credit Suisse told its investors that the joint venture will not be able to make any large difference. Recently, Goldman Sachs has shown its eagerness to enter into the realm of digital payment, so that it can cash on core trading and banking investment. On the other hand, Apple also wants to get into the business of iPhone credit purchase since it gets a minimum amount when its users purchase via Apple Pay.
One of the news channels also confirmed that Apple is trying to make more money, other than selling gadgets. Since, Apple has to meet with great competition, that’s the reason why it has joined hands with Goldman Sachs. Three years ago Goldman Sachs had launched a bank named Marcus, which is used for the digital retail sector. Thus, it will lure Apple’s customer to become a client of Marcus bank.