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Want to make more money with Apple Pay, Apple and Goldman Sachs need to send a joint credit card

via:博客园     time:2018/5/12 19:01:26     readed:812

This article is from Fanfan

Apple is sparing no effort to promote its own payment tool Apple Pay, but they are not content to just win the support of more banks. The next step is to launch credit cards.

Do not misunderstand, not Apple itself to issue credit cards, according to "Wall Street Journal" news, Apple is working with Goldman Sachs Group, ready to launch co-branded credit card in early 2019.


In cooperation with banks, Apple has set precedents. Barclays Bank issued Apple's co-branded cards as early as 2005 and upgraded to Barclaycard Visa with Apple Rewards credit card (Barclay apple rewards Visa card) in 2014 to provide consumption in Apple stores. 3 times points, Apple products interest-free installment payments and other benefits.

According to insiders, Goldman Sachs will replace Barclays as Apple’s new financial partner. This new credit card will be an Apple Pay co-branded card, so the card's interest must also be the main NFC payment.

Since the advent of Apple Pay in the past 4 years, despite having a good experience, it has been promoted to dozens of countries and regions. However, due to hardware and people's habits, the current penetration rate is still very low. The latest report shows that only 16% of the world's Users use Apple Pay, whose development speed has not reached the company's expectations.

In addition, in terms of mobile payments, Apple is also facing competition from Internet companies such as Google and Paypal, and retail companies such as Wal-Mart, all of which are trying to implement their own payment instruments.

Technology companies and banks have cooperated better with each other in terms of co-branded cards. Amazon and Chase launched Amazon co-branded cards for many years. Its cardholders can enjoy 3% cash back in Amazon shopping. Prime members are even more. 5%, consumption in restaurants, gas stations, pharmacies and other places, there are also 2% cash back, and the proportion of other consumer cashback is 1%.


Compared to banks such as Barclays and Chase, personal finance was not the main business of Goldman Sachs, but since the financial crisis, Goldman Sachs’ revenue has dropped by two-thirds, so it has also begun to attempt personal banking services to make up for the securities trading market. The recession, such as the launch of online accounts and personal loans, credit card and financial tools are also the direction Goldman Sachs is exploring. However, Goldman Sachs can only be considered a newcomer to Citibank, Chase and other banks that have been working in the field of credit cards for many years. In cooperation with Apple, its credit card business is undoubtedly a qualitative improvement.

Through Goldman Sachs’ promotion and mobile payment services, as well as the promotion of cashiers in the stores, Apple Pay may be able to further expand its visibility.

In cooperation with Barclays Bank, Apple gave up commissions and returned to consumers in the form of interest-free loans. But this time together with Goldman Sachs, Apple wants more than just the popularity of Apple Pay, but also wants to increase its revenue.

Currently, in the United States, Apple charges 0.15% of the processing fee for credit card transactions through Apple Pay. After the proclamation has reached an agreement with Goldman Sachs, Apple’s processing fee for this new joint card may be twice that of the ordinary card. Can contribute a lot to Apple.

Both companies declined to comment on this news. As for which card organization this card will use, it is not yet known. However, Apple and Visa have a long-term relationship. The Barclays apple joint card mentioned above is a Visa card.

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