Apple working with Goldman Sachs to create joint credit card: report

Apple is reportedly working with Goldman Sachs to launch a new joint credit card under the Apple Pay brand.

The card could launch as soon as early 2019, The Wall Street Journal reports, with Apple replacing its current rewards-card partnership with Barclays.

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The partnership will cover other services such as Goldman offering in-store loans to Apple customers buying iPhones and other products, according to the Journal, which reported that both companies are still working out details on terms for possible perks.

The move could help Apple expand its business model as it focuses more on Apple Pay, while sales of its flagship products, like the iPhone, slow.

Such an effort would help bolster Apple’s efforts in the space as it faces increased competition from established firms like PayPal and rapidly expanding upstarts like Square.

A partnership could also help Goldman Sachs get a better hold on the consumer banking matter, something it has sought to do.