| May 11, 2018

Apple and Goldman Sachs team up on new credit card in competitive mobile payment space

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.

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Daniel Enskat

Daniel has written over a dozen books on the global asset management industry and has lectured at universities around the world alongside speakers such as Secretary of State John Kerry, Dr. Mark Mobius, ex-Fed Chairman Alan Greenspan, Professor KC Chan and former Prime Minister Gerhard Schroeder.

He is widely sought after for presentations, discussions and his perspective on the global asset management industry, and in the last two decades has advised hundreds of investment management CEOs on strategy and global expansion.

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