The planned card would carry the Apple Pay brand and could launch early next year. Apply is hopeful the card will help them expand their services revenue (as new phone sales slow), while Goldman has been expanding into consumer banking in order to compensate for its sluggish trading division.
The Apple Pay card is the latest example of a technology giant broadening its presence in the banking and finance industry. Besides Apple, Amazon.com Inc., Alphabet Inc.’s Google and Samsung Electronics Co. are all vying to make mobile payments easier for consumers while adding to their formidable revenue streams. Goldman has the potential to raise Apple Pay’s profile, tying the mobile payment service to plastic touted in advertising and pushed by cashiers at Apple stores.