Apple Inc. and Goldman Sachs Group Inc. plan to start issuing this spring a joint credit card paired with new iPhone features that will help users manage their money.
The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter. The companies hope to lure cardholders by offering them extra features on Apple’s Wallet app, which will let them set spending goals, track their rewards and manage their balances, the people said.
The Wall Street Journal reported last year that the companies planned to launch a joint credit card. It is a major push by Apple into the financial lives of hundreds of millions of iPhone users. It is also part of Goldman’s broader strategy to appeal to rank-and-file consumers.
Apple and Goldman are entering a crowded field with little experience. Both are looking for new revenue sources as their bread-and-butter businesses struggle.
As iPhone sales cool, Apple is turning to fee-generating services. It has apps that stream music, curate news stories and make mobile payments, and is teaming up with Hollywood studios to produce original TV shows. The company aims to boost its services revenue to $50 billion by 2020.
Read more in The Wall Street Journal.