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Apple and Goldman Sachs are joining hands to launch a new credit card.
The team-up's expected to provide various benefits for iPhone users.
Seo Bo-bin sheds light on this collaboration.
U.S. tech giant Apple is teaming up with one of America's biggest banks Goldman Sachs to launch a new credit card this spring.
According to the Wall Street Journal on Thursday, the credit card will be linked with features such as Apple Pay and Apple Wallet so that customers can easily track their rewards and manage their accounts through their iPhone.
The card will use the MasterCard network and card users will be able to receive 2 percent cash back on many of their purchases and possibly receive other rewards for purchasing Apple products.
As Apple's iPhone sales have been falling, the firm is looking to boost its revenue in other ways and expand growth in its service businesses. And as for Goldman Sachs, as it is looking to expand its consumer business, this could be the chance to bring in millions of Apple users as it diversifies away from its original corporate and Wall Street clients.
"This cooperation is a win-win situation for both companies, where Apple can develop a new revenue stream and Goldman Sachs can bring in Apple users to increase their consumer base."
The new credit card will be first tested by Apple and Goldman Sachs employees and then will be officially launched to the public later this year.
Seo Bo-bin, Arirang News.