Goldman had been looking for a way to deepen its pushinto consumer finance. (Photo: AP)

(Bloomberg) –Apple and Goldman Sachs Group will begintesting a jointly developed credit card with employees in the nextfew weeks, according to people with knowledge of the matter.

A wider rollout to consumers will come later this year, said thepeople, who asked not to be identified because the informationisn't public.

The card will pair with new iPhone software features that willhelp users manage their finances, according to the Wall StreetJournal, which reported the plans earlier Thursday.

Representatives for Apple and Goldman Sachs declined tocomment.

Bloomberg reported last May that Apple and Goldman weredeveloping a co-branded credit card as a way for the investmentbank to deepen its push into consumer finance.

Goldman, which has been expanding into the field through itsMarcus unit, has been planning a deeper foray into the world ofco-branded cards, a space that's become increasingly competitive asbanks ratchet up rewards to win business with retailers.

Goldman last year acquired personal-finance startup ClarityMoney, an app founded by Adam Dell, the brother of Michael Dell.Clarity uses artificial intelligence to help consumers make betterfinancial decisions by canceling or lowering bills, finding abetter credit card or creating a savings account.

Apple, which in January reported its first holiday-quarter salesdecline since 2001 as revenue from the iPhone tumbled, has beeninvesting in services such as Apple Pay and Apple Music to counterdeclines in its hardware business. Investors have responded well tothe strategy.

The credit card, as part of Apple Pay, would contribute toApple's growing services segment.

The company is holding a media event on March 25 during which itplans to introduce two other new services: a premium magazinesubscription platform and an original video content offering tocompete with Netflix and Amazon Prime.

Apple also is preparing an iPhone software update, iOS 12.2,that includes a revamped Wallet app. That new app could set thefoundation for integrating the new credit card.

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