Apple and Goldman began rolling out a virtual credit card in 2019.
The Apple logo is seen at the Apple Store at Marché Saint Germain in Paris, France July 15, 2020. REUTERS
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The Apple logo is seen at the Apple Store at Marché Saint Germain in Paris, France July 15, 2020. REUTERS
Apple (AAPL.O) is ending its credit card partnership with Goldman Sachs Group (GS.N), the Wall Street Journal reported Tuesday.
The tech giant recently sent a proposal to the Wall Street bank to terminate the contract within the next 12 to 15 months, according to the report, citing people briefed on the matter. Apple and Goldman began rolling out a virtual credit card in 2019.
The exit would cover their entire consumer partnership, including the savings account rolled out this year, the report added.
The iPhone maker, when asked about the report, said: “Apple and Goldman Sachs are focused on delivering an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has received great response from consumers, and we will continue to innovate and provide them with the best tools and services. »
Apple launched a high-yield deposit account in April, which offers a higher annual percentage yield than Goldman offers for an online savings account at its consumer digital bank, Marcus.
The partnership, which was part of the bank’s broader strategy to grow its consumer franchise, was extended a year ago until 2029, the report added.
Apple launched its buy now, pay later (BNPL) service in the United States earlier this year, enabled through the Mastercard Installments program, the company said at the time, adding that Goldman was the issuer of the information. Mastercard payment.
