Apple and Goldman Sachs have both made multi-billion-dollar bets on consumer finance — in one case, together. So far, the larger, less regulated tech company seems to be having more success than the systemically important bank.
Apple Pay was launched in 2014; Marcus, the consumer-facing bank from Goldman Sachs, in 2016. The companies' joint credit card, the Apple Card, came in 2019. But only now are we beginning to get a feel for how the two companies' strategies are faring.Apple and Goldman are established legacy businesses with balance sheets in the hundreds of billions of dollars, but they're also relative newcomers when it comes to consumer finance.
Apple Pay is even taking off in the U.S., which has long been a laggard in contactless payments. A recent estimated that it enables $200 billion of U.S. retail sales per year, with a 48% share of mobile wallet transactions — well ahead of the 17% share held by rival Google Pay.
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