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Apple, Goldman Sachs to roll out credit card paired with iPhone

February 22, 2019

Apple Inc. and Goldman Sachs Group Inc. have announced plans to launch a joint credit card combined with an iPhone that gives customers the ability to manage their personal finances, according to a report in The Wall Street Journal.

The credit card, which will operate on the Mastercard platform, will use the Apple Wallet app to help customers set spending goals, manage account balances and track rewards points.

The planned rollout will involve a pilot test with company employees followed by a wider introduction later this year.

According to the report, the companies initiated discussions on the joint credit card effort in 2018, at a time when Apple had begun to see a slowdown in iPhone sales and Goldman Sachs was competing to attract more digital customers to its Marcus online savings product.