An iPhone-connected credit card is for real as Apple teams up with Goldman Sachs to launch an iPhone that is connected to the user's credit card.
iPhone users are in for another treat as Apple partners with Goldman Sachs and plan to launch an iPhone connected credit card. The user's credit card will be connected to the device not only aide them with their spending needs but to help them manage their spending as well. Both companies are reportedly looking for ways to increase their revenues.
A report said that the iPhone connected credit card is expected to roll out on spring. However, Apple employees are lucky enough to get their hands first on the said feature. In the following weeks, employees will get the chance to test the card and the iPhone feature before the treat gets launched later this year.
The iPhone connected credit card will offer an additional feature on the users' Wallet App. The feature will help them monitor their spending habit and reach their spending goals, manage their balances as well as track their rewards. Cardholders will be given cash back of two percent on most of their purchases.
The iPhone connected credit card is one of Apple's steps into expanding its function on the lives of the millions of iPhone users across the globe. It could also be another way for the Cupertino based tech giant's way to somehow regain their sales strength as well as to be back on track after their revenue declined by 15 percent on the first quarter of this year compared to their revenue last year.
On the other hand, the iPhone-connected credit card could be an open door for the fulfillment of one of Goldman Sach's goals. The American Multinational Investment bank aims to reach their next line of customers, the middle class or the rank and file. They aim to lure users with programs and features that could help in budget management in addition to personal loans and online savings accounts that they offer through Marcus, a bank that they established in 2016.
With the iPhone connected credit card, the tech giant officials are planning to borrow some visual cues that the Apple fitness-tracking app uses and use them in utilizing the credit card management. As users hit the daily exercise targets, rings on the fitness tracking app close. In the same way, Apple is planning to have notifications sent to the users as a reminder about their spending habits.
