Finance
Apple Pins Hopes for Mobile Payments on New Goldman Sachs Card
- U.S. consumers have been slow to adopt new purchasing method
- Tech giant joins big banks in push for numberless cards
Jennifer Bailey, vice president at Apple Inc., introduces the the Apple Card.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Five years after its ballyhooed debut, Apple Pay is still struggling to take off. Apple Inc. is betting its swanky new credit card can change that.
Apple Pay currently represents less than 2 percent of volume on major networks like Visa and Mastercard, according to Harshita Rawat, an analyst at Sanford C. Bernstein & Co. Consumers lament that it can be hard to tell which merchants accept mobile payments and store clerks may be unable to help complete a transaction.