Apple to end credit card partnership with Goldman Sachs: Report

Apple is pulling the plug on its credit card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday. The tech giant recently sent a proposal to the Wall Street bank to exit the contract in the next 12 to 15 months, the report said, citing people briefed on the matter. Apple and Goldman had started to roll out a virtual credit card in 2019.

The exit would cover their entire consumer partnership, including the savings account rolled out this year, the report added. The iPhone maker, when asked about the report, said: ” Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.

” Advt Goldman declined to comment. Apple in April introduced a high-yield deposit account, which offers an annual percentage yield higher than what Goldman offers for an online savings account at its digital consumer bank, Marcus. The partnership, which was a part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago through 2029, the report added.

Apple launched its “buy now, pay later” (BNPL) service in the United States earlier in the year, enabled through the Mastercard Installments program, the company said at the time, adding that Goldman was the issuer of the Mastercard payment credential. Reuters Published On Nov 29, 2023 at 07:45 AM IST Telegram Facebook Copy Link Be the first one to comment. Comment Now COMMENTS Comment Now Read Comment (1) All Comments Post Post Find this Comment Offensive? Choose your reason below and click on the submit button.

This will alert our moderators to take actions REASONS FOR REPORTING Foul Language Defamatory Inciting hatred against a certain community Out of Context / Spam Others Report Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTelecom App Get Realtime updates Save your favourite articles Scan to download App Apple mastercard iphone Apple and Goldman Sachs Goldman Sachs International {“@context”:”http://schema. org”,”@type”:”BreadcrumbList”,”itemListElement”:[{“@type”:”ListItem”,”position”:1,”item”:{“@id”:”https://telecom.

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com/news/devices/apple-to-end-credit-card-partnership-with-goldman-sachs-report/105576442″},”headline”:”Apple to end credit card partnership with Goldman Sachs: Report”,”datePublished”:”2023-11-29T07:45:50+05:30″,”dateModified”:”2023-11-29T07:48:07+05:30″,”expires”:”2023-12-29T06:22:13+05:30″,”articleBody”:”Apple is pulling the plug on its credit card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday. The tech giant recently sent a proposal to the Wall Street bank to exit the contract in the next 12 to 15 months, the report said, citing people briefed on the matter. Apple and Goldman had started to roll out a virtual credit card in 2019.

The exit would cover their entire consumer partnership, including the savings account rolled out this year, the report added. The iPhone maker, when asked about the report, said: “Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.

” Goldman declined to comment. Apple in April introduced a high-yield deposit account, which offers an annual percentage yield higher than what Goldman offers for an online savings account at its digital consumer bank, Marcus. The partnership, which was a part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago through 2029, the report added.

Apple launched its “buy now, pay later” (BNPL) service in the United States earlier in the year, enabled through the Mastercard Installments program, the company said at the time, adding that Goldman was the issuer of the Mastercard payment credential. “,”keywords”:[“Devices”,”Apple”,”Mastercard”,”Iphone”,”Apple And Goldman Sachs”,”Goldman Sachs”,”International”],”articleSection”:”Devices”,”url”:”https://telecom. economictimes.

indiatimes. com/news/devices/apple-to-end-credit-card-partnership-with-goldman-sachs-report/105576442″,”description”:”The iPhone maker, when asked about the report, said: “Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.

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jpg”,”width”:1200,”height”:900}]} Home News Devices Apple to end credit card partnership with Goldman Sachs: Report.