Apple is teaming up with Goldman Sachs to launch an Apple Pay-branded credit card next year, according to the Wall Street Journal.
Goldman replaces Barclays as Apple’s credit card partner in a relationship which could also see the bank offer in-store loans to people buying Apple products, says the Journal, citing sources.
The move sees Apple step up its efforts to crack payments, an area in which it has worked hard, with mixed success, to gain a foothold in the last few years. Recent research from LoupVentures found that while the number of active Apple Pay users and transaction numbers have risen sharply in the last year, only 16% of global iPhone users have turned on the service.
For Goldman, the tie-up represents a first foray into consumer credit cards as it continues to diversify into retail services. Last month it bought PFM startup Clarity Money, bringing one million new customers to its new online lending startup Marcus.