Apple will end its partnership with US bank Goldman Sachs, which jointly offers the Apple Card credit card and services, in about a year. Therefore, the future of the product is not clear.
For now, the cooperation is concluded until 2025, so the product will be available in the foreseeable future, but it is not clear what will happen after that. Customers complaining about the Apple Card service provided by Goldman Sachs could serve as the reason for the potential termination of the relationship. This is the first banking experience directly with individuals, which has not proved successful.
Meanwhile, Apple, on the other hand, basically gets all the profits for various Apple Card transactions, fines and other small payments that would provide business to the bank. The only benefits were fees for those services when cardholders paid for goods with a split payment.
It is likely that in order to continue offering the Apple Card service, the company will no longer be able to dictate its requirements to a potential partner so strictly. Therefore, it will be interesting to follow how the future of this Apple service will unfold. Because it’s not very often that you see a company discontinue its services.
2023-12-01 08:30:00
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