Latest Version of the iPhone All-Set to include a Goldman-Sachs Issued Credit Card
As per an all new piece published by the Wall Street Journal yesterday, Apple Inc. and Goldman Sachs Group Inc. are working on a plan that will see the new iPhone come loaded with a credit card system that allow users manage their money more effectively.
“The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter.”
In regards to the matter, an article published by the Verge notes that the USP of the above-mentioned card is its ability to help users manage their finances as well as set specific spending goals.
More on the Matter
A closer look at Apple’s new credit card offering shows us that the digital module will come fixed into Apple’s native wallet app. Additionally, a spokesperson for the firm has mentioned that the credit card will undergo a number of internal tests before it is made available to the masses this coming spring.
From an economic standpoint, we can see that Apple will receive a small share of each transaction — as and when the credit-card is used. As per a recent statement released by the firm, this latest partnership will help push the company’s app revenue to $50 billion by the end of the next financial year.
Similarly, it is also worth noting that Goldman Sachs too has committed a total of USD $200 million in order to build the digital infrastructure for this latest credit card system.
“It is a major push by Apple into the financial lives of hundreds of millions of iPhone users. It is also part of Goldman’s broader strategy to appeal to rank-and-file consumers. Executives must now walk a fine line between encouraging responsible borrowing and getting users to spend enough on the card to generate profits.”
In closing out this article, we should make it clear that Apple’s new credit card will offer a host of benefits to iPhone users. For example, customers will be able to earn a 2 percent cash back on most purchases.
It now remains to be seen what the future has in store for this promising venture.