According to a story published by the Wall Street Journal on Wednesday, Apple (AAPL.O) has decided to terminate its collaboration with Goldman Sachs Group (GS.N.) over its credit card business.
According to the story, the Wall Street Bank was recently presented with a proposal by the internet giant to terminate the contract within the next 12 to 15 months, which cited individuals briefed on related matters. 2019 was the year when Apple and Goldman began the process of launching a virtual credit card.
Additionally, the article stated that the pullout would include their whole consumer partnership, including the savings account introduced this year.
After being questioned about the news, the company that makes the iPhone responded, “Apple and Goldman Sachs are focused on providing an incredible experience for our customers to assist them in leading healthier financial lives.” We will continue to develop and provide the most excellent tools and services for our customers, as seen by the positive response that the Apple Card, which has won several awards, has received from customers.
The comment from Goldman was rejected. In April, Apple unveiled a high-yield deposit account, which provides an annual percentage interest higher than what Goldman provides for an online savings account at Marcus, the digital consumer bank it operates.
A year ago, the collaboration, a component of the bank’s more significant effort to expand its consumer business, was extended through 2029, according to the article.
Earlier in the year, Apple said it had launched its “buy now, pay later” (BNPL) service in the United States. According to the business, this service was made possible via the Mastercard Installments program. Additionally, Goldman was the issuer of the Mastercard payment credential.
Comment Template