The Apple credit card launched with Goldman Sachs Group will not allow the purchase of cryptocurrencies with the card, revealed Apple about its upcoming credit card.
First announced at an Apple Special Event on March 25, 2019, Apple card is a credit card developed by Apple Inc. designed to be used with Apple Pay on Apple devices.
According to the card’s customer agreement, posted publicly on Goldman Sachs website, the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, lottery tickets, race track wagers, and casino chips.
Apple Card is part of the company’s broader effort to derive more of its revenue from services after years of heavy reliance on iPhone sales, which declined 12% in the recent quarter.
As for Goldman, this partnership with Apple is part of the investment bank’s effort to build a consumer facing business.
Goldman and Apple are not the only ones to ban the purchase of cryptocurrencies like Bitcoin with credit cards. Major banks like JP Morgan Chase, Citigroup, Virgin Money, and Lloyds Banking Group have banned such purchases as well.
On the other hand, back in June, Goldman Sachs hinted at its own digital currency just like JP Morgan Chase launched its ‘JPM Coin.’