Apple and Goldman Sachs have launched a virtual credit card called Apple Card, helping the iPhone manufacturer to diversify its sales away from hardware and build new businesses for Goldman Sachs.

Apple aims to attract iPhone owners for a 2 percent cashback on purchases made with Apple Pay, as well as the lack of fees and application to manage the funds.

For the Goldman Sachs Group, the bank card strengthens the bank’s focus on its consumer banking brand (Marcus), which began in 2015, along with trading and investment banking.

Shares of the iPhone manufacturer rose nearly 1 percent after the announcement, and Apple said: A limited number of people who showed interest in the card (Apple Card) will start receiving subscription invitations, without disclosing the number of people.

The company explained that its card is not aimed at direct competition with premium cards, such as cards (Chase Sapphire) or (American Express Platinum), but the goal to be accessible to every owner of the iPhone on a large scale, so the registration requirements will not be as strict as those cards.

Apple offers an option for a physical titanium card, but without a visible number.Instead, the card number is stored on a secure chip inside the iPhone, creating virtual numbers for online or phone purchases that require a number.

Apple said the purchase information would be stored on the user’s iPhone and he could not see the data, and Goldman Sachs would not be allowed to use the data for marketing purposes or even to sell other Apple products.

According to experts, the adoption of the card is likely to be low in the first year, but it could generate about $ 1.4 billion of revenue by 2023.

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