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Apple Inc. is reportedly on the verge of ending its credit card partnership with Goldman Sachs Group Inc. Now, it was speculated that Chase Bank might potentially take over and become the iPhone maker's new partner for its Apple Card.
Bloomberg reported that Apple's split with Goldman Sachs is expected, making Chase the ideal candidate to replace the latter for a credit card tie-up. The breakup process between Apple and Goldman Sachs is said to be underway, so the lookout for a new partner naturally follows.
Apple and Goldman Sach's Collaboration
Apple and Goldman Sachs first revealed their cooperation for the Apple Card in 2019, the same year as the credit card rollout. Since then, the companies gradually expanded their joint services to include savings accounts and the "Buy Now, Pay Later" program for users.
However, their partnership has not been smooth, as the firms also suffered from financial losses, service delays, and other issues while working together. They survived the hurdles, but this year, after almost four years of cooperation, Apple may choose to end its ties with Goldman Sachs.
Chase Bank Enters the Scene
Even though Goldman Sach is already deeply integrated into Apple's iPhone and Apple Card, it was reported that their partnership is turning sour already. This is why it was said that the tech firm needs a new partner.
This is where the name JPMorgan Chase & Co. comes in. It was added that with everything Apple Card needs for its services, American Express Co. and Citigroup Inc. passed as the subsequent possible alliance.
Finally, as per Apple Insider, Chase Bank is also one of Apple's most significant partners for credit card transactions in its Apple Stores, App Store, and online. With this said, teaming up with Chase could be the company's best option since it will not need to switch platforms because it already uses the Mastercard network, unlike AMEX or CitiBank.
Photo by: Trac Vu/Unsplash
