According to the Wall Street Journal, Apple and Goldman Sachs will jointly offer a consumer credit card, later this or early next year, replacing the rewards card partnership with Barclays.
Apple Pay has grown slowly since its introduction four years ago, so the move is seen as a push to make mobile payments a bigger contributor for the firm. Similarly, Goldman has had trading declines and is looking to enter consumer banking (it launched a retail banking business two years ago) to make up for some of the losses.
Goldman will offer loans for purchases in Apple stores, and more.
Amazon, Google, Alibaba, Samsung and others are also heavily loading up on competing in mobile payments, a space thus far without a clear global leader.
Apple is trying to double is services business to $50 billion by 2020, from $24 billion in 2016.
