Do you remember Apple Card? Apple had expanded into the financial world by introducing its own credit card about four years ago. Goldman Sachs, a major American banking company and a long-standing institution since 1869, became Apple's partner for its new credit card service.
Behind Apple's split with Goldman Sachs | WSJ Tech News Briefing
Since its launch, Apple Card has been a hit among users. It offers cashback on purchases in a wide range of stores and daily cashback when used with Apple Pay. In addition to this, Apple & Goldman Sachs had reportedly extended their contract sometime last year, so that it would be until 2029.
But now everything is going in the opposite direction. According to the latest report published by the Wall Street Journal, Apple is "pulling the plug" on its partnership with the American banking institution Goldman Sachs. An exit from the contract has already been planned, and the transition will take place over a period of 12 to 15 months, the report indicated.
It is currently unclear who will be the bank that Apple will partner with next. As many had rumoured, Goldman Sachs had also been in talks with American Express. The prospect of them taking over the Apple Card program was discussed, according to a previous report from June (Source: WSJ). Again, at the moment we don't know exactly who will back Apple's venture into financial services.
