Apple is looking for another route into your wallet.
After facing pretty slow adoption of its Apple Pay system, Apple has teamed up with Goldman Sachs to create an iPhone-linked credit card, The Wall Street Journal reports. Employees will test the cards within the next few weeks, and it'll be available to the public later this year, the Journal says.
iPhone sales have slowed recently, possibly as customers start to realize Apple is charging more and more for a barely changed product. So along with its forays into Hollywood, news curation, and music streaming, Apple is "turning to fee-generating services" to hopefully make an additional $50 billion by 2020, the Journal says.
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Meanwhile, mega-bank Goldman Sachs is trying to recoup losses in securities trading with its new online consumer bank Marcus, the Journal says. Still, it hasn't exactly caught on with average consumers — something the bank is seemingly trying to correct with this reported Apple collaboration. Goldman Sachs has never issued a credit card before, so it's reportedly designated $200 million to build its own payment system. It's also building "customer-support call centers around the country," sources tell the Journal.
The so-called Apple Pay card will be on MasterCard's payment network, and customers will reportedly earn about 2 percent cash back, per the Journal. That percentage could be higher on Apple product purchases, some sources said. It'll all reportedly be integrated with the iPhone's Wallet app, allowing users to "set spending goals, track their rewards, and manage their balances," the Journal continues. Read more at The Wall Street Journal.
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