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remote banking

Back to the Future; Apple and Goldman Sachs Entering The Card Business

The world is turning upside down or is it? Interesting enough that Apple the company build on user experience and the iCloud is now moving to plastic. Is this back to the future?

Goldman Sachs and Apple are preparing to launch a joint credit card, the Wall Street Journal reported on Thursday.

The planned card would carry the Apple Pay brand and could launch early next year, the Journal reported, citing people familiar with the matter.

The iPhone maker will replace its longstanding rewards-card partnership with Barclays, the report added.

Goldman Sachs, Apple and Barclays all declined comment.

The news comes as Apple sharpens its focus on its services business that includes the App Store, mobile payments and music streaming. The unit’s revenue grew 31 percent to more than $9 billion in the three months ended March 31.

Goldman has been looking to expand its consumer banking business to offset weakness at its trading unit. Last year, the Wall Street bank’s executives laid out a goal to generate $5 billion in revenue from new sources, including consumer banking.

In February, the Wall Street Journal reported that Apple was in talks with Goldman to offer financing to shoppers buying Apple products, including iPhones.

New companies have entered the payments space. We all know of Stripe and Paypal but now up and comers like create a cost effective highly intelligent white lable service that a bank and now with PSD2 (opening APIs for 3rd party access to offer banking/payment services) will find very attractive instead of developing their own digital payment solution. 

Interesting say the least.