Apple and Goldman Sachs’s hotly anticipated new credit card is now just weeks away from launch, according to a person familiar with the companies. The release will be the culmination of an intense, high-stakes development process for the Silicon Valley giant and the Wall Street stalwart.
The Apple Card is targeted to launch as early as the first half of August. That timing means the project is on schedule for the summer release date that Apple first announced in March. People who own an iPhone will be able to sign up for the card via the Wallet app, which will have built-in Apple Card support as part of the latest iOS 12.4 update.
The closely watched collaboration between Apple Inc. and Goldman Sachs Group Inc. represents one of the most ambitious ever attempted between an old-world finance titan and a tech company. It also involved the mixing of two very different corporate cultures as the companies split up responsibilities for the project and worked together on the new technology, according to people familiar with the matter, who asked not to be identified because the process was private.
“Apple is a great partner and we together are excited about delivering a product that we think customers will love,” a Goldman Sachs spokesman said in a statement. Representatives for Apple declined to comment.
In March, Goldman Sachs Chief Executive Officer David Solomon and some of the bank’s highest-ranking executives visited Cupertino, California, to attend the much-anticipated announcement of the card. On stage, Tim Cook and Apple Pay executive Jennifer Bailey delivered the news with characteristic Apple fanfare.
The outpouring of press coverage about the partnership helped Goldman Sachs bring attention to its efforts to make financial products for everyday people. While the bank has long been a Wall Street institution, it has only recently attempted to ramp up its new consumer-facing business. For Apple, the credit card is thought of as a way to bring in more recurring revenue from iPhone users and further enmesh them in its web of services. Read more