INTERNATIONAL – Investment bank and financial services company Goldman Sachs and tech giant Apple are reportedly planning to launch a joint credit card later this year.
This is according to a report by the Wall Street Journal which stated that the card is expected to include integration with the Apple Wallet app, which will allow users to manage balances and set spending goals.
According to the Journal’s sources, the card will begin internal testing in the coming weeks in advance of its public launch.
In addition to these banking plans, Apple is also reportedly planning to launch video streaming and news services.
The report by the WSJ added that Goldman Sachs reportedly expects to spend as much as $200 million on the project, which requires it to build out customer support centres and a new internal payment system.
It further claims that the card could launch as early as this spring, and it may eventually expand to include personal loans, wealth management services, and other products.