Goldman Sachs and Apple plan to launch a new iPhone-linked credit card

HIGHLIGHTS

•  Goldman Sachs to partner with Apple to launch a new credit card paired with fresh iPhone features
•  It will be the first consumer credit card launched by Goldman Sachs
•  The card will provide additional features in Apple's pre-existing wallet app, and allow them to "set spending goals, track their rewards and manage their balances"

Reportedly Goldman Sachs is partnering with Apple to launch a new credit card paired with fresh iPhone features, as per the Wall Street Journal Thursday.

The Journal says the card, which was first reported to be in the works in May last year, will launch to employees in the coming weeks, before a wider rollout later this year.

The card will provide additional features to the users in Apple's pre-existing wallet app. Now it will allow iPhone users to link their bank cards to phone and make use of Apple Pay to pay for goods and services.

According to the Journal, these features will enable users to "set spending goals, track their rewards and manage their balances," citing people familiar with the matter.

This will be the first consumer credit card initiated by Goldman Sachs, which has been active only in the retail banking space for around two years. Goldman Sachs refused to comment anything more on this and Apple didn’t respond immediately to a request for comment.

Goldman is pairing with Apple just over two years after it launched its first consumer-facing product, Marcus. Marcus offers savings accounts and loans to regular consumers, unusual from the bank's traditional client base of the ultra-rich and major corporations.  The bank signed up 50,000 UK customers last October in two weeks after its launch. Marcus has been an incompetent success, taking over $35 billion of deposits since its launch in the year 2016, and expanding into the UK in 2018. 

As per reports the bank is also working on a robo-advisor service which is another product geared toward the general public. It is rumoured to be tying up with Apple to finance the iPhone.