Nov 28 (Reuters) – Apple (AAPL.O) is ending its credit card partnership with Goldman Sachs Group (GS.N), according to a report by the Wall Street Journal on Tuesday. The tech giant has sent a proposal to Goldman Sachs to terminate the contract within the next 12 to 15 months, as per sources familiar with the matter. Apple and Goldman Sachs had introduced a virtual credit card in 2019, and this exit will include their entire consumer partnership, including the savings account launched this year. Apple responded to the report by stating that they are focused on providing an excellent customer experience and will continue to innovate and deliver the best tools and services. Goldman Sachs declined to comment. The partnership, which was part of Goldman Sachs’ strategy to expand its consumer franchise, was extended last year through 2029. Apple also launched a “buy now, pay later” service earlier this year in the United States, with Goldman Sachs as the issuer of the Mastercard payment credential.
Article from www.reuters.com
