Goldman Sachs and Apple are reportedly partnering to launch a new iPhone-linked credit card
- Goldman Sachs is reportedly partnering with Apple to launch a new credit card paired with fresh iPhone features, according to a story from the Wall Street Journal Thursday.
- It will be the first consumer credit card launched by Goldman Sachs, which has only been active in the retail-banking space for around two years.
- The card will reportedly give customers additional features in Apple's pre-existing wallet app, and allow them to "set spending goals, track their rewards and manage their balances."
- The move comes as both business giants look to diversify their revenue streams amid challenges for their core businesses.
Goldman Sachs is reportedly partnering with Apple to launch a new credit card paired with fresh iPhone features, according to a story from the Wall Street Journal Thursday.
The Journal says the card, which was first reported to be in the works in May last year, will launch to employees in the coming weeks, before a wider rollout later this year.
The card will reportedly give customers additional features in Apple's pre-existing wallet app, which allows iPhone users to link bank cards to their phone and use Apple Pay to pay for goods and services.
Those features will allow customers to "set spending goals, track their rewards and manage their balances," the Journal said, citing people familiar with the matter.
It will be the first consumer credit card launched by Goldman Sachs, which has only been active in the retail banking space for around two years.
Goldman Sachs declined to comment when contacted by Business Insider. Apple did not immediately respond to a request for comment.
Read more: Goldman Sachs is trying to build the ultimate financial destination for the masses
Goldman's pairing with Apple comes just over two years after it launched its first consumer-facing product, Marcus. Marcus offers savings accounts and loans to regular consumers, moving away from the bank's traditional client base of the ultra-rich and major corporations.
Marcus has been an unqualified success, taking over $35 billion of deposits since launching in 2016, and expanding into the UK in 2018. The bank signed up 50,000 UK customers in the two weeks after its launch last October.
The bank is also reportedly working on a robo-advisor service - another product geared toward the general public - and is rumored to be tying up with Apple to provide financing for the iPhone.
Goldman's diversification towards the general consumer comes at a time when the bank is scrambling to increase revenues after years of lackluster performance in traditional areas of its business.
Similarly, Apple faces challenges to its key iPhone business, with the company seeing disappointing sales in the fourth quarter last year and blaming depressed demand in China for the results.
You can read the Wall Street Journal's full story here.