Goldman Sachs Considers Ending Its Partnership With Apple
Goldman Sachs is reportedly thinking about ending its partnership with Apple Inc, according to sources familiar with the matter. The partnership between Apple and Goldman Sachs started in 2019 when a virtual credit card was offered to Apple's customers.
According to sources, Goldman Sachs is in talks with another card company, 'American Express.' If the deal goes through, American Express will take over the credit card project of Apple along with other similar ventures.
Just a few months ago, Apple launched a new service in the USA known as 'Buy now & pay later' via its credit card program. The credit card was powered by Mastercard and allowed Apple customers to pay in installments. The issuer of the credit card was Goldman Sachs, but it appears that's about to change.
American Express To Takeover Apple's Credit Card Program
One of the major highlights of Apple's credit card was its use of titanium and the presence of no visible numbers. In addition, the card also offered a daily cashback of 3% that could be used for spending or saving. Similarly, Apple also offers monthly installments on zero interest if the card is used for buying any Apple devices.
The exact reason behind the exit of Goldman Sachs and the entry of American Express into the scenario is still not clear. When Goldman Sachs and Apple were approached for comments, they declined the request.
But despite the switch, one thing is pretty clear; Apple's credit card program will continue as usual. In fact, there's a good chance that Apple will expand its service offering through credit cards in the coming months and years.
In addition, there's no guarantee that Goldman Sachs will even ditch the credit card program, as it is only thinking about doing it right now!
In other news, Apple's market cap is now over $3 trillion, which makes it one of the most valuable tech companies in the entire world.