Apple May Release Its Own Credit Card Service This Year

• Apple is reported to be working on a credit card service in partnership with Goldman Sachs.
• The tech giant has reportedly invested $200 million dollars into the idea, but there has been no official confirmation yet.
• The credit card service may be backed by Apple Pay and will also offer an official app for financial management purposes.

Apple is known for its quality hardware and software, but the company seems to be interested in breaking into the credit card market. The tech giant is reported to be working with Goldman Sachs to release its own credit card. With a rumored $200 million dollars already being invested in the project, we may receive an announcement this year.

Apple’s upcoming credit cards will use MasterCard instead of Visa, and it will come with its own Apple-designed app. Expenditure management features and added benefits are expected from the app as well. According to a report by the Wall Street Journal, Apple seeks to benefit from interest rates.

With Apple already commanding a loyal customer base for its hardware and software, the company may be able to get a solid head start at launch, unlike other lesser known credit card services that are released every year. We can also expect Apple Pay integration to be implemented to the payment cards.

A consumer-focused credit card is missing in the current credit card market. Most options available to users come with ludicrous charges and mediocre tracking systems. Apple catering to consumer needs with proper tracking implementation, financial management, and lower charges could see a large number of users adopt the upcoming payment systems.

The company’s iPhone sales have taken a dip, and it lost over a dozen ranks in the World’s Most Innovative Companies for 2019 list by Fast Company. With no prominent tech companies investing in the credit card market yet, we could see the likes of Microsoft and Google follow suit and offer similar services as well in the future.

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