Apple and investment bank Goldman Sachs are gearing up together for the launch of a new joint credit card which would be put under the Apple Pay Branding. The card might as well be launched by the end of this year or in the first quarter of 2019. If the launch happens successfully it will be replacing Apple’s existing Barclay’s rewards card.
Both the giants are, however, still discussing the matter, and working out terms and conditions for consumers. Apple from its end is currently offering Barclay interest-free financing on Apple devices, and also grants Apple gift cards with enough paid purchases.
This would mean the end of the Apple and Barclay’s partnership. The older card offered the Apple users reward program and financial deals through Barclaycard Apple Reward Visa. As the new partnership fruits, it will obviously replace the older Barclaycard and the bank is set to offer loans to the Apple customer who are willing to buy newer iPhones and other Apple accessories.
There is an existing plan for Apple’s iPhone Upgrade Program is still funded by Citizens Financial Group and is, in essence, a zero-interest loan. Other credit options available through Apple are at higher interest rates, from 14.9 percent all the way up to 26 percent.
Apple Pay was introduced by Apple Inc. back in 2014. The facility was initially welcomed by everyone however it slowly phased out. There were certain brands like Walmart who rejected the idea of Apple Pay and focused on building their own digital wallet.
Although people don’t consider Apple Pay a huge success, a report confirms that nearly 16% of Apple user have configured Apple Pay on their devices. Also from the earnings report, Apple shared that Apple Pay doubled active users and tripled transactions year-over-year. Apple Pay Vice President Jennifer Bailey said that the Apple Pay service is available in 50% of retail stores in the U.S.