Apple and everyone’s favorite banking giant are launching a new joint credit card that will push the tech juggernaut deeper into people’s bank accounts, and ultimately help them become a trillion dollar company.
According to WSJ, the card will carry the Apple Pay brand, and will launch early next year.
Two struggling companies ban together
It’s a bit of a stretch to say the world’s richest corporation is “struggling,” but with earnings down on the usual bread and butter, Apple wants to diversify its more practical utility products (i.e. mobile payments, music streaming, App Store sales).
Meanwhile, in big investment banking land, Goldman Sachs has weathered a long slump in securities-trading (revenue fell two-thirds since 2008), which inspired the company to get into consumer banking (they started a retail banking biz called Marcus in 2016).
In other words — it’s a win-win for both companies.
What, Mom? Everyone’s doin’ it
Apple is the latest example of a gargantuan tech company deepening its footprint in the banking and financial industry.
Recently, Amazon, Google, and Samsung made moves to get into the same space as they look to make mobile payments easier for consumers — while, of course, bathing in money.
For tech giants, the water is warm in the financial industry.
