Goldman Sachs Group Inc has teamed up with Apple Inc to issue credit cards that will be paired with iPhones and will help users manage their money, the Wall Street Journal reported here on Wednesday, citing people familiar with the matter.
The card, which will be linked with Apple's Wallet app, will allow users to set spending goals, track rewards, and manage balances, WSJ said.
The new cards will be rolled out to employees for testing in next few weeks and will be launched later this year.
The deal will benefit both the companies tap into new income sources. Apple has been sharpening its focus on its services business, including the App Store, mobile payments and music streaming after a recent dip in iPhone sales, which generate most of the company's profit.