Apple and Goldman Sachs are planning a new credit card to be introduced as early as next year, The Wall Street Journal reported, citing people with knowledge of the process.
The move comes as investment bank Goldman continues to make a push into consumer banking activities such as deposit-taking and personal loans. It will displace London-based Barclays as Apple‘s financial partner for credit cards, the Journal said.
The card will be branded with Apple Pay, the technology giant’s mobile payment and digital wallet platform.
The move could address priorities for both companies. Apple is looking to boost revenue from things other than gadgets, and the payments space is in the midst of intense competition from banks and tech startups. Goldman is looking to diversify its revenue away from institutional areas like trading and investment banking with its push into areas of finance that touch ordinary consumers.
The partnership could also include Goldman offering in-store loans to Apple customers for the tech company’s products, the Journal said.
Spokespeople for Apple and Goldman Sachs declined to comment to CNBC.