Friday, 17 August, 2018

Apple Planning to Launch Its Own Credit Card

Apple Planning to Launch Its Own Credit Card Apple Planning to Launch Its Own Credit Card
Emmett Howard | 12 May, 2018, 20:03

According to a report from the Wall Street Journal Apple intends to introduce an Apply Pay branded credit card.

The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said.

Indeed, the Goldman Sachs partnership appears to be aimed at boosting the use of Apple Pay, which will presumably be cross-promoted with the physical credit card.

For Goldman, a credit card with a popular brand could be a smart move as the investment bank pushes into retail- and consumer-oriented services.

Goldman has been incrementally pushing into consumer banking products. If true, this would allow Apple Pay users to pay for products and services even when they don't have access to their smartphone.

There are hundreds of co-brand partnerships, with brands large and small, and it's an intensely competitive business for credit card companies.

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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.

The idea of an Apple credit card may sound unusual to consumers.

"It's not going to put them on the map when it comes to market share, but it's definitely a strong customer base you want to have", said Brian Riley with Mercator Advisory Group, which specialises in consulting with companies looking to do co-brand credit cards.

Goldman Sachs recently hired Scott Young and Anand Sivadasan, who previously negotiated co-brand credit card partnerships for Citigroup Inc, and Shailesh Mendonca, a digital marketing executive from Capital One Financial Corp.

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. Financial terms of the deal were not disclosed.

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