Apple, Goldman Sachs teaming up on credit card for the iPhone: Report
Constellation Research CEO Ray Wang on the buzz over Samsung’s new devices and the privacy concerns over the microphone in Google’s Nest.
Apple and Goldman Sachs are working together to create a joint credit card, paired with new iPhone features, that will be released later this spring, according to a report from The Wall Street Journal.
The card, which uses the Mastercard network, will be rolled out for employee testing within the next few weeks, citing people familiar with the matter.
Apple is trying to amp up use of its Apple Pay feature, which has been slow to gain a following. The iPhone-maker receives a small cut when users make purchases through Apple Pay, but would get a bigger slice from its own card, according to the Journal.
It would also be the first credit card created by Goldman, a financial powerhouse that's looking to expand its offerings for everyday customers.
In order to prepare, Goldman is undertaking a $200 million project, including adding customer-support call centers around the country and building an internal system to handle the payments.
CLICK HERE TO GET THE FOX BUSINESS APP
The Journal reported that users will earn cash back of about 2 percent on most purchases -- and possibly more on certain Apple products.