Ahead of the launch of the Apple Card, backer Goldman Sachs said in the customer agreement it will not allow the purchase of cryptocurrencies, Reuters reported Friday (Aug. 2).
Aside from forbidding the purchase of cryptocurrencies, the agreement also indicates the card cannot be used to purchase cash advances or cash equivalents that include casino gaming chips, race track wagers or lottery tickets.
Reuters said Goldman declined to comment and Apple did not immediately respond to requests for comment.
New iPhone sales have declined 12 percent and the new Apple credit card is part of a broader effort by the company to boost revenue from other services, the article said. Goldman signed on to the initiative as part of its longtime effort to build out a consumer-facing business.
The card was announced in March, with Apple starting a test phase with the hope of a launch sometime this month (August). Owners of iPhones have the ability to sign up for the card using the wallet app, which will contain support for the card in the 12.4 iOS update.
The partnership between a tech giant like Apple and an old-school Wall Street institution like Goldman Sachs, was ambitious and the first of its kind. In the agreement, Goldman Sachs will take care of the payment processing, credit obligations, disputes and customer service for the card. Apple is already discussing expanding the card into Europe.
Co-branded credit cards are on the rise, with Citigroup teaming up with Singapore’s ride-hailing startup Grab in June. Citigroup also partnered with Costco for a co-branded card in March called Costco Anywhere card.