Goldman Sachs CEO Expected to Be at Apple’s March 25 Event for Launch of Apple Pay Credit Card

There’s no doubt by now that Apple’s March 25 event will be focused entirely on new services; Apple has already released almost all of its anticipated new hardware this week in order to clear the stage for Monday’s big event. While Apple’s new video service is expected to headline the event, and it’s fairly certain we’ll also see an Apple News and Magazines service, we’ve also been thinking the event will herald Apple’s new Goldman Sachs backed Apple Pay credit card.

While we haven’t heard nearly as much about that, it looks like it will indeed be Apple’s third tentpole. According to Bloomberg, the star-studded guest list for Monday’s event, which is expected to be made up of Hollywood personalities, will also include Goldman Sachs CEO David Solomon, providing as strong an indication as any that we’ll be hearing at least something about the new partnership between the two companies. Reporters who cover the payments industry have also received invitations to attend.

Apple and Goldman entered a financing partnership over a year ago, and not soon after it was revealed that the technology and finance giants were actually collaborating on a new virtual credit card. While few details were known back then, the timing for the new card pegged it as early 2019, and this was confirmed in February when it was revealed that the two companies were on track and Apple was in fact not preparing an initial rollout of the new card out to its own employees, but also revamping its iOS Wallet app to add new “financial health” features based on the ring design of its well-known Activity app.

By most reports, the card itself — which is code-named “Project Cookie” — is expected to be an entirely virtual card that will exist only in Apple Pay, although it’s unclear exactly how the card will be loaded onto the device — the use of an app seems like the most logical way to do this, in the same way that many other credit cards find their way into Apple Pay, but Apple could easily have something else up its sleeve for its own card.

The Bloomberg report also adds a few other new details, noting that Goldman Sachs has dozens of people working on the deal, overseen by Goldman partner David Stark, while on the Apple side the entire thing is being managed by the Apple Pay group, no doubt under the direct leadership of Apple Pay VP Jennifer Bailey.

In addition to a typical set of rewards perks, the new Apple Pay card, which will likely have a more distinctive name, will also tie into a revised Wallet app that’s expected to be part of iOS 12.2, the release of which is now imminent. Code has already been found in iOS 12.2 showing the new “financial activity rings” which are expected to provide feedback to help users track spending habits, and possibly even investments. The app is also expected to offer notifications alerting users to unusual spending patterns. While many banks and credit card companies already offer similar features through their own third-party iOS apps, Apple’s integration of this into the Wallet app will likely provide some unique features and advantages.

Although it’s almost certain that Apple will be discussing the new credit card and partnership at Monday’s event, it’s still not clear when the card will be rolled out to the public. Most reports have indicated that Apple will be signing up its own employees first as a sort of pilot project, with the card itself being more widely available a few months later — possibly by late spring or summer of this year.

[The information provided in this article has NOT been confirmed by Apple and may be speculation. Provided details may not be factual. Take all rumors, tech or otherwise, with a grain of salt.]