Source: ARK Disrupt Issue 124: May 14, 2018. By @bhavanaARK

In a push for customer acquisition, Apple and Goldman Sachs announced plans to launch Apple Pay Credit Card as they aim to strengthen both Apple Services and Goldman’s consumer-facing business, Marcus.

As of the end of the first quarter, Apple Pay had scaled its customer base to 127 million, with fast-paced adoption in emerging markets like China and Russia. Apple Pay is focused on its role as a “wallet” in the transaction funnel but, in partnership with Goldman Sachs, also hopes to offer in-store loans and interest free financing to bolster sales of iPhones and other Apple products.

In a move away from investment banking, Goldman is supporting Marcus to blanket the consumer business, offering savings accounts, loans, and now Apple credit cards. Apple should help Goldman lower customer acquisition costs, lessening its reliance on personal finance management apps like Intuit, Credit Karma and Clarity Money.

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