Apple to pick Goldman to issue reward credit card

Apple to pick Goldman to issue reward credit card

Apple Credit Card will soon become reality as the company is in talks with Goldman Sachs. The two companies are still formulating the product, the person said. Apple from its end is now offering Barclay interest-free financing on Apple devices, and also grants Apple gift cards with enough paid purchases.

According to WSJ, the card will carry the Apple Pay brand, and will launch early next year.

Apple now offers a credit card in partnership with Barclays, and the report stated that Apple chose not to collect the bounty and instead used the money for the interest-free financing of devices.

Apple has worked vigorously to make Apple Pay a safe and secure service that doesn't expose users' financial information to prying eyes.

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Apple Pay was introduced by Apple Inc. back in 2014. The service supports two-factor authentication, for instance, which requires two methods of verification rather than just one.

Like other mobile payment solutions, including Google Pay, Apple Pay was initially touted as an easier and more convenient payment method than traditional methods like credit cards and cash. Apple Pay Vice President Jennifer Bailey said that the Apple Pay service is available in 50% of retail stores in the U.S.

Free-to-use Clarity Money is a leading app that uses artificial intelligence to help people manage their finances with personalised, "actionable insights" such as saving money or finding better credit cards, according to Goldman Sachs. With the Apple Pay credit card, users can pay for goods in person without needing their Apple device.

As per the reports of BGR, the card would be having the Apple Pay logo and would launch sometime around 2019. For purchases of more than US$999, Barclays also offers 18 months of interest-free financing. Currently, however, details regarding the new credit card remain unknown.

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