The Wall Street Journal reports that Apple has tapped Goldman Sachs to create a new Apple Pay branded credit card. According to the report, Apple currently plans to launch the Apple Pay credit card as soon as possible. Apple’s foray into the domain of mobile payments and digital wallet service with Apple Pay has generated positive results for the company. A new card which would carry the Apple Pay brand could launch early in 2019, the Journal reported, citing people familiar with the matter.
The partnership with Apple marks the debut of Goldman Sachs into the credit card business. However, the financial terms of the deal such as revenue sharing are yet to be finalized. WSJ’s sources added that Apple might charge a fee for each new cardholder and might also collect a percentage of the payments made using the credit card as a transaction fee. Moreover, Apple might also double the current 0.15% transaction fee it charges, if the deal with Goldman Sachs is finalized.
There is no information regarding the company that will process the transactions made using the Apple-Goldman Sachs credit card. However, Apple’s old ties with Visa indicate that the California-based company might eventually be selected over rivals such as Master Card and Discover Financial Services.
Apple's services business is credited for smoothing out concerns about seasonality in iPhone, Mac, and iPad sales. Apple doesn't share Apple Pay's contribution to that figure, but any revenue generated from a credit card would be included.

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