Apple is supposedly preparing a huge payment push by providing its own charge card.
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Apple and Goldman Sachs will provide a charge card this spring with money-managing functions tucked into the iPhone, according to a report.
Employees will evaluate the card in the coming weeks prior to a main launch later on in 2019, the Wall Street Journal reported Thursday, pointing out unnamed sources. We got a tip last May that this collaboration, which brings both business into a brand-new market, was coming.
The card will supposedly let you set costs objectives, track benefits and handle your balance through Apple’s Wallet app.
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Apple makes a little money each time you make a purchase through Apple Pay, but the Journal reported that it would get a bigger slice when you use its card.
It’ll apparently use the Mastercard payment network — the second-largest in the US after Visa — and cardholders will earn around 2 percent cash back on purchases, but potentially more on Apple products.
The report follows Apple CEO Tim Cook in January teasing an expansion of the company’s services in 2019 as it seeks new revenue sources following lackluster holiday 2018 iPhone sales.
Apple declined comment, while Goldman Sachs didn’t immediately respond to a request for comment.
First published at 7:37 a.m. PT.
Updated at 9:51 a.m. PT: Adds that Apple declined comment.
