Apple unveils new credit-card: the Apple Card

on Mar25
by | Comments Off on Apple unveils new credit-card: the Apple Card |

The card is a step into new territory for both companies. Apple, which announced new subscriptions for video and news services Monday, is trying to develop new revenue sources beyond its popular hardware products.

For Goldman Sachs, its first credit card would continue a nascent push into consumer financial products after spending most of its 150-year history catering to institutional investors, corporations and governments.

The card, which lets users manage spending and rewards through an iPhone app, was set to be tested by employees of both companies, a person with knowledge of the situation said last month.

“With our hardware, software and services, we think Apple is uniquely positioned to make the most significant change in the credit card experience in 50 years,” Apple CEO Tim Cook said.

Apple Pay is accepted by more than 70 percent of U.S. retailers and will work in more than 40 countries by year-end, Cook said. The service will pass 10 billion transactions this year. It will also work in the mass transit systems of Portland, Chicago and New York this year, he added.

Visa shares dropped slightly on the announcement from Apple.

Goldman Sachs CEO David Solomon attended the event in Cupertino, California, but did not address the audience.

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