{"id":243977,"date":"2018-05-11T14:45:56","date_gmt":"2018-05-11T12:45:56","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=243977"},"modified":"2018-05-11T14:45:56","modified_gmt":"2018-05-11T12:45:56","slug":"apple-to-launch-a-credit-card-with-goldman-sachs-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/243977\/apple-to-launch-a-credit-card-with-goldman-sachs-report\/","title":{"rendered":"Apple to launch a credit card with Goldman Sachs: report"},"content":{"rendered":"
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Goldman Sachs Group Inc will issue Apple Inc\u2019s new co-brand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.<\/p>\n

Goldman Sachs\u2019s arrangement with Apple would replace the technology giant\u2019s previous deal with Barclays Plc, the person said, asking not to be identified discussing internal plans.<\/p>\n

The two companies are still formulating the product, the person said.<\/p>\n

Goldman Sachs is planning a deeper foray into the world of co-brand credit cards, a space that\u2019s become increasingly competitive as banks ratchet up rewards to win business with retailers.<\/p>\n

The firm has been expanding into consumer finance through its new Marcus unit, an effort led by Harit Talwar, the former head of Discover Financial Services\u2019 US card business.<\/p>\n

Goldman Sachs recently hired Scott Young and Anand Sivadasan, who had previously negotiated co-brand credit-card partnerships for Citigroup Inc, and Shailesh Mendonca, a digital marketing executive from Capital One Financial Corp.<\/p>\n

Spokesmen for Goldman Sachs, Apple and Barclays declined to comment. The Wall Street Journal reported on the new partnership earlier Thursday, saying a card could be released next year.<\/p>\n

Barclays offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases.<\/p>\n

For purchases over $999, Barclays also offers 18 months of interest-free financing.<\/p>\n

Apple has been expanding into finance through Apple Pay, which allows users to load their debit and credit cards into a digital wallet and pay with their phone. Since its debut in 2014, the service has attracted roughly 86 million consumers, according to Juniper Research.<\/p>\n

Last year, the technology giant launched Apple Pay Cash, a person-to-person payments platform that allows Apple to compete with PayPal Holdings Inc\u2019s Venmo.<\/p>\n

Merchants have been slow to adopt Apple Pay, with just 35 percent saying they accept the service in a 2018 survey by Kount.<\/p>\n

That compares with 64% of merchants saying they accept PayPal, which is considered the leader in digital wallets with 237 million users.<\/p>\n

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Read: Apple said to plan selling video subscriptions<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs Group Inc will issue Apple Inc\u2019s new co-brand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.<\/p>\n","protected":false},"author":59,"featured_media":65538,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[51,1999,26],"class_list":["post-243977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-apple","tag-goldman-sachs","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/243977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=243977"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/243977\/revisions"}],"predecessor-version":[{"id":243979,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/243977\/revisions\/243979"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/65538"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=243977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=243977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=243977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}