Since launching Apple Pay in 2014, Apple has been slowly growing its mobile payments platform: in the U.S., the company recently said Apple Pay is supported at 65% of all retail locations. But Apple wants a bigger slice of the pie. On Thursday came news in the Wall Street Journal that Apple and Goldman Sachs are working together on a joint credit card to be launched later this year. The card will offer additional features in Apple’s Wallet app, such managing their spending and keeping track of reward points, according to the Journal report.
Apple already collects a tiny cut of each transaction going through Apple Pay, but it would be able to bring in a larger chunk if it owned the credit card, the report points out. This partnership comes as the company seeks new ways of expanding its services business as its core iPhone hardware business slow.