Apple Pay is one of the most popular mobile payment options out there, and it looks like Apple is looking for a way to expand the functionality of the service.
The Wall Street Journal is reporting on Thursday that Apple is planning on teaming up with Goldman Sachs to launch an “Apple Pay credit card”. If the report pans out, then it looks like Apple could launch the new credit card option in early 2019:
“The partnership will extend into other services including Goldman offering in-store loans to Apple customers buying iPhones and other gadgets, an effort The Wall Street Journal reported on in February.
Apple and Goldman are still hashing out the terms and benefits of the planned card including the perks for customers, these people said.”
This would not be a similar situation to the Rewards credit card that Apple offers in partnership with Barclays, which is used to finance devices purchase through Apple’s online retail store. This situation would be a partnership with Goldman Sachs in search of a lower financing deal. If this does go through, then the new Goldman Sachs credit offering would replace the Barclays option.
As is par for the course, this is just a rumor so Apple has not actually announced or confirmed anything just yet. And with a year-long wait, there might not be any additional information to go around until several months from now.
Barclays has been the go-to credit and financing option for Apple’s purchases for quite some time, so this is definitely a big change for the company. If it means lower financing deal for Apple, which translates to the consumer, then that’s good news all around.[via Wall Street Journal]