Goldman CEO Testing Apple Card Ahead of Summer Launch, Liking the Overall Simplicity

Physical Apple Card

Ahead of the summer launch of Apple Card, Goldman Sachs employees are internally beta testing Apple Card and are loving the experience. The revelation was made by Goldman’s CEO David Solomon while speaking at the Recode Code Conference.

In fact, Solomon himself is using the Apple Card and liking the overall friction-less experience it offers.

“It’s in beta right now; there are some employees at Goldman Sachs and some employees of Apple that are using the card,” Solomon said. “I’m using the card, I like the way it works. I like the simplicity, the lack of friction when it comes to paying bills, looking at what you’ve spent, ease of use.”

Based on the early feedback, the CEO believes that there is going to be a lot of interest in Apple Card once it launches this summer.

Goldman Sachs’ executive Omer Ismail had previously said in an event that the company was not worried about the profitability of Apple Card. He said that if they do right by the customer, they are “ultimately going to win their loyalty” which in turn would equate to profits. The executive’s statement was in response to a report which doubted the profitability of the Apple Card. The report had claimed that Apple was in talks with Citigroup but it pulled out due to concerns about profitability.

Unlike traditional credit cards, Apple Card has no fees whatsoever. It also encourages customers to pay ahead of time to reduce their interest fees. Apple has worked with Goldman Sachs on the Apple Card to integrate it with the Wallet app in iOS and Apple Pay.

Read: Apple Card FAQ

[Via CNBC]

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