Apple is pulling the plug on its credit card partnership with Goldman Sachs Group (NYSE:GS). The tech giant recently sent a proposal to the Wall Street bank to exit the contract in the next 12 to 15 months, the report said, citing people briefed on the matter.
Apple (NASDAQ:AAPL) and Goldman had started to roll out a virtual credit card in 2019, the Wall Street Journal reported.
The iPhone-maker did not immediately respond to a Reuters request for comment, while Goldman declined to comment.
The exit would cover their entire consumer partnership, including the savings account rolled out this year, the report added.
Apple in April had introduced a high-yield deposit account, which offers an annual percentage yield higher than what Goldman offers for an online savings account at its digital consumer bank, Marcus.
The partnership, which was a part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago through 2029, the report added.
Apple launched its “buy now, pay later” (BNPL) service in the United States earlier in the year, enabled through the Mastercard (NYSE:MA) Installments program, the company said at the time, adding that Goldman was the issuer of the Mastercard payment credential.
