Apple has announced a major change to its credit-card program.
The tech giant has reached a deal with JPMorgan Chase, people familiar with matter told the Wall Street Journal.
Apple’s credit card was previously issued by Goldman Sachs, but now the biggest bank in the country is set to take over.
JPMorgan’s defeat of Goldman Sachs in the bid for control over Apple’s credit card cements Goldman’s failure to venture into consumer lending.
The deal, bringing two of the countries most powerful and influential companies together, is expected to be announced soon.
As people increasingly use devices like cell phones and watches to make payments, it’s logical for the most profitable technology company and the largest bank to join forces in a joint venture.