Apple Wallet to get Goldman-backed credit card and PFM features - WSJ

Apple Wallet to get Goldman-backed credit card and PFM features - WSJ

Apple is working with Goldman Sachs on the release of a joint credit card paired with personal financial management applications, according to the Wall Street Journal.

While rumours of the relationship have been circulating for a year, the WSJ says that Apple pans to beta test the product with employees in the coming weeks before a commercial roll out in the Spring.

The new Apple-branded card will offer cashback rewards for spending and will be complemented by new iPhone features designed to help users to track rewards, set spending goals and manage their account balances.

It's part of a push by Apple to focus on fee-generating services and it continues Goldman's campaign to appeal to rank-and-file consumers.

The latest figures from Loup Ventures imply that Apple Pay is continuing to grow as a major player in the mobile payments market, with 43% of all iPhone users around the world anabling Apple Pay on their devices. That's up from 36% estimated in the September quarter, and 20% percent for the December quarter of 2017.
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