Apple and Goldman Sachs are working an Apple Pay-tagged credit card, according to The Wall Street Journal . Citing unnamed sources, the newspaper reported that Goldman Sachs was going to support the card, which would replace an Apple reward card currently being offered by Barclays, Apple's lg-time financial partner. The terms, benefits and other relevant details are still being worked out between Goldman Sachs and Apple
For Apple, the possible benefits include Apple getting a larger percentage of Apple Pay transactis going through by this card, like Unlike other cards, Apple Pay users can also use their accounts. Apple currently gets 0.15% of the issuing banks Apple Pay transactis, and The Journal said Apple could get double with the Apple Pay brand card.
Apple could also get a premium for new users, the industry often pays $ 100 for such things. The report said Apple refused to get a premium in its deal with Barclays, opting instead for 0% financing Apple devices. The Journal described this as a scenario or two, but I would be surprised if Apple did not want to ctinue this kind of program. The company could have enough juice these days to get both a bus and a 0% financing for its devices. You may have noticed that Apple has become a big problem.
For Goldman Sachs, the opportunity is to extend the footprint of the investment giant to csumer banking.
It is not known yet which network this map will work. Visa, MasterCard and …