Apple is working on a number of quirky products and services. While the company's
foldable display phone has been in news for quite some time now, it is hosting a
special event on March 25, where is expected to introduce its news streaming
service. While all of those things seem like a logical extension of its existing services,
now the Cupertino-based tech giant is planning to enter the financial services sector
by introducing its own credit card. According to a report by The Wall Street Journal
(via The Verge), the Cupertino-based tech giant is planning to partner with American
banking giant Goldman Sachs to launch a credit card that will provide a deeper
integration with the Apple Wallet.
An app that enables users to manage their account balance and set their spending
goals. The move, as per the report, is expected to help both the companies boost
their profits amid declining revenues. Apple is increasingly turning its focus on to
services and trying to turn it into a primary revenue source as the revenue from the
sale of hardware devices slows down. The credit apart is expected to provide a
number of benefits to Apple customers from offering better integration with the
company's wallet. Apple's credit card is likely to offer 2 percent cash back to its
users. Other than that, it is expected to help users may their credit card debts and
manage their account balance.
As the report points out, just like their digital health Apple's credit card is expected to
help manage and their financial health. Apple is reportedly planning to begin internal
testing of its credit card in the coming weeks and the report suggests that the tech
giant could launch it as soon as spring, or April, this year. The company could even
eventually expand its credit card to offer loans and offer wealth management service.
The company, however, has not commented on the matter yet.
Notably, news streaming service and a credit card is not the only thing on the cards
for the company. As per the reports, Apple is also working on its video streaming
service wherein it will offer content that is a combination of its its original shows and
content from legacy media channels like HBO. The company has roped in a number
of prominent production houses including the Oprah Winfrey Network and it is
expected to launch the service in April this year.
