While the technology world is all praise of Apple’s latest software releases, here is another good news for Apple. Even as Apple Card has not been officially released, employees of Apple and Goldman Sachs, Apple’s partner in launching its credit card, have tested the credit card.
Notably, Apple Card is not publicly released yet. In his interview at Recode’s Code Conference, David Solomon, CEO of Goldman Sachs, spoke about his experience with a joint credit card.
Goldman Sachs CEO Likes Simplicity and Lack of Friction of Apple Card
Solomon said, “I like the simplicity, the lack of friction when it comes to paying bills, looking at what you’ve spent, ease of use.”
Using Apple’s favorite term, Solomon said that the card is in “beta” version right now. He also noted that “some employees of Apple that are using the card. I’m using the card, I like the way it works.”
Solomon is hopeful about Apple Card’s unique features, and people would receive this product warmly. He added, “The early feedback indicated that there will be a lot of interest in it when we finally do launch it later this summer.”
People familiar with the development of the Apple Card would love to know more about the deal between Apple and Goldman Sachs. Notably, Citigroup didn’t show any willingness to join hands with Apple for its credit card service.
It was reported that Citigroup was apprehensive about the profitability of Apple Card. However, Omer Ismail, Goldman’s Marcus division head, said that Goldman is not worried about potential lack of profitability.
Ismail said, “The idea that doing right by the customer means being less profitable is just not an idea we subscribe to. If you do right by the customer, you’re going to ultimately win their loyalty.”
According to research conducted by Goldman Sachs, it is expected that Apple Card would rack up approximately 21 million users by the end of 2020.
The research also predicts that each cardholder will spend an estimated $1000 per month, and this would translate into a revenue of close to $882 million.
It is still unclear how Apple and Goldman Sachs will share this revenue. As the launch date of Apple Card nears, Goldman Sachs is sharing more information about its joint venture with Apple. You can get more details about Apple Card by clicking on this link.
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