Last Updated: November 30, 2023, 16:21 IST
United States of America (USA)
Apple launched its digital bank card again in 2019
Apple is pulling the plug on its bank card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday.
(Reuters) – Apple is pulling the plug on its bank card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday.
The tech large lately despatched a proposal to the Wall Street financial institution to exit the contract within the subsequent 12 to fifteen months, the report mentioned, citing individuals briefed on the matter. Apple and Goldman had began to roll out a digital bank card in 2019.
The exit would cowl their whole client partnership, together with the financial savings account rolled out this yr, the report added.
The iPhone maker, when requested in regards to the report, mentioned: “Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.”
Goldman declined to remark.
Apple in April launched a excessive-yield deposit account, which provides an annual proportion yield larger than what Goldman provides for a web based financial savings account at its digital client financial institution, Marcus.
The partnership, which was part of the financial institution’s bigger technique to develop its client franchise, was prolonged a yr in the past by way of 2029, the report added.
Apple launched its “buy now, pay later” (BNPL) service within the United States earlier within the yr, enabled by way of the Mastercard Installments program, the corporate mentioned on the time, including that Goldman was the issuer of the Mastercard cost credential.
