Technology Other News 06 Aug 2019 Goldman hopes to lur ...

Goldman hopes to lure iBorrowers with Apple card launch

REUTERS
Published Aug 6, 2019, 1:08 pm IST
Updated Aug 6, 2019, 1:08 pm IST
Goldman’s foray into retail banking began in 2015 and has accelerated under Chief Executive David Solomon.
The Goldman Sachs-Apple card will become the vehicle for people who want to buy pricey smartphones.
 The Goldman Sachs-Apple card will become the vehicle for people who want to buy pricey smartphones.

Goldman Sachs Group Inc’s credit card is expected to appear in Apple Inc stores as soon as this week, introducing another major touchpoint with affluent, tech-savvy consumers the Wall Street bank hopes to lure.

Goldman’s foray into retail banking began in 2015 and has accelerated under Chief Executive David Solomon, who took the helm last year. Because Goldman does not have branches, it has been trying to get attention for products offered by its consumer bank, Marcus, through promotions and partnerships.

 

Called Apple Card, the card will use the MasterCard payment network. While consumers will receive a physical card, Apple and Goldman hope users will store payment information in the iPhone wallet app and make purchases without needing to carry the card.

The Apple alliance will push the brand much further into the mainstream than Goldman’s prior efforts, analysts said. Effectively, the Goldman Sachs-Apple card will become the vehicle for people who want to buy pricey smartphones, computers and other gadgets from one of the world’s most popular consumer brands.

“There is a great deal of buzz,” said Barclays analyst Jason Goldberg, comparing Goldman’s offering to JPMorgan Chase & Co’s popular Sapphire credit card. “We expect solid issuance right out of the box.”

There were 1.4 billion active Apple devices, 900 million of which were iPhones, as of January. The company has been emailing potential customers about the new credit card’s launch, with Apple Chief Executive Tim Cook saying last week that it would soon appear in stores.

On Friday, Goldman Sachs released terms and conditions, including details on interest rates and rewards.

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