At an event on Monday, an executive from Goldman Sachs explained why they aren’t worried about the profitability of Apple Card. This is reportedly one of the main reasons other banks backed out of the deal.
Yesterday, the CEO of Goldman Sachs, David Solomon, said Apple and Goldman Sachs employees are testing the Apple Card ahead of its launch. Solomon is also one of the beta testers for the Apple Card.
“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.”
Apple announced the Apple Card at its special event on March 25th and it will be available later this summer. You can read more about the Apple Card here.