Apple and Goldman Sachs are working together to create a joint credit card, paired with new iPhone features, that will be released later this spring, according to a report from The Wall Street Journal.
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The card, which uses the Mastercard network, will be rolled out for employee testing within the next few weeks, citing people familiar with the matter.
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Apple is trying to amp up use of its Apple Pay feature, which has been slow to gain a following. The iPhone-maker receives a small cut when users make purchases through Apple Pay, but would get a bigger slice from its own card, according to the Journal.
It would also be the first credit card created by Goldman, a financial powerhouse that’s looking to expand its offerings for everyday customers.
In order to prepare, Goldman is undertaking a $200 million project, including adding customer-support call centers around the country and building an internal system to handle the payments.
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The Journal reported that users will earn cash back of about 2 percent on most purchases — and possibly more on certain Apple products.
