Apple and Goldman Sachs Group are ending their credit card agreement, according to a Wall Street Journal report published on Tuesday.
The report revealed that the IT giant recently submitted a proposal to the Wall Street bank to end the contract within the next 12 to 15 months. In 2019, Apple and Goldman began launching a virtual credit card.
According to the article, the exit would encompass their whole consumer partnership, which includes the savings account launched this year.
“Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.” Apple said in reaction to the report.
Apple debuted a high-yield deposit account in April that provides a greater annual percentage rate than Goldman’s online savings account at Marcus, its digital consumer bank.
Apple announced at the time that Goldman was the issuer of the Mastercard payment credential and that the business had started its “buy now, pay later” service in the United States earlier in the year, made possible by the Mastercard Installments program.
