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The long-awaited new credit card from Apple and Goldman Sachs is only in a few weeks, according to a person familiar with both companies. This release will be the culmination of an intense and ambitious development process for the Silicon Valley giant and the Wall Street pillar.
The Apple card should be launched in the first half of August. This schedule means the project is on schedule for the summer release date announced by Apple in March. People with an iPhone will be able to subscribe to the card through the Wallet app, which will benefit from Apple Card's built-in support as part of the latest iOS 12.4 update.
The close collaboration between Apple Inc. and Goldman Sachs Group Inc. represents one of the most ambitious ever attempted between a titan of old world finance and a technology company. It also involved the blending of two very different corporate cultures as companies separated to manage the project and worked together on the new technology, according to people familiar with the case, who asked not to to be identified because the process was private.
"Apple is an excellent partner and we are excited to come up with a product that we think customers will love," said a spokesman for Goldman Sachs in a statement. Apple representatives declined to comment.
In March, Goldman Sachs Chief Executive Officer David Solomon and some of the bank's top executives went to Cupertino, California to attend the long-awaited announcement of the card. On the stage, Tim Cook and Jennifer Bailey, Apple Pay Manager, presented the news with a characteristic fanfare of Apple.
The media coverage of the partnership has allowed Goldman Sachs to draw attention to its efforts to create financial products for ordinary citizens. Although the bank has long been a Wall Street institution, it has only recently attempted to expand its new consumer businesses. For Apple, the credit card is designed as a way to bring more revenue to iPhone users and entangle them more in its network of services.
The companies shared responsibility for the development and management of the project. Apple designed the card and will manage its software interface for iPhone. Goldman Sachs is responsible for the underlying infrastructure, managing payment disputes, processing transaction data and compiling information for monthly statements.
Goldman Sachs currently has dozens of people working on the product from its headquarters in Manhattan, as well as other dedicated employees in satellite offices, staff said. The Apple portion of the project is managed by the company's Apple Pay and Wallet applications teams.
Read also | Apple introduces a multitude of services
At the time of the announcement, Solomon told employees that the partnership was "a major step in the growth of our mainstream franchise," and added that the bank's lack of traditional credit card technology made it "the best partner "for this effort.
In May, Apple expressed concern over the underlying technology developed by Goldman Sachs to fuel the credit card, according to people familiar with the discussions. At that time, Apple had informed the bank that she was not satisfied with certain card mechanisms and had requested changes. The pressure on Goldman Sachs employees increased as the map approached the planned launch date.
The different points of view do not seem to have derailed the map's progress towards its summer outing. Apple employees and retailers have been testing the card for several weeks or more, depending on their role in the business.
In addition to its bright white appearance and digital design, the credit card aims to entice customers at no cost, integrate iPhone in-depth, set up a unique expense tracking system and a customer-centric approach. confidentiality. The product was designed to be used primarily via Apple Pay, rather than as a physical credit card. However, the company will also issue users a card for merchants who do not accept Apple Pay.
The Apple card has a cash back structure instead of points, offering users 1% on purchases made with the physical card, 2% for Apple Pay transactions and 3% for purchases of Apple products or services.
This story was published from a news agency thread without text modification.
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