A recent report of The Wall Street Journal Apple and Goldman Sachs have announced the end of their 2019 partnership to launch the Apple Card. While the news comes as no surprise, it remains unclear what will happen to the Apple Card. However, a job posting on Apple’s website suggests that the company may be working with a Brazilian fintech to resolve the issue.
Apple seeks new partner to issue Apple Card
As noted 9to5MacA job posting in August is seeking a software engineer to work with Apple Processing LLC, an Apple subsidiary focused on payment solutions. The position was open until October 19, when it was closed and removed from the website (but can still be accessed via the cache).
The job description states that the engineer will design and develop “key components on a new platform being created as the basis for future Apple Pay products.” Sure, it’s an intriguing but vague description. But the job listing gives us another clue as to what Apple might be working on.
This is because it is explicitly mentioned that the engineer will work with Pismowhich is a Brazilian fintech company specialized in card issuance. Recently acquired by VisaPismo has global operations and has become known for providing a modern, cloud-based framework for banking and payments.
An uncertain future
It’s not hard to imagine that Apple could partner with Pismo to issue and handle Apple Card processing now that the deal with Goldman Sachs may have ended. Even before this week’s report, There were many rumors that Goldman Sachs was unhappy with its partnership with Apple.
WSJ Goldman Sachs has discussed the possibility of selling the Apple Card program to American Express. However, Amex has expressed concerns about “several aspects of the program, including its loss rates.” Synchrony Financial has also reportedly considered buying the Apple Card business.
A Bloomberg last year’s report Apple has also been working on its own financial solutions to be less dependent on banks. Publicly, Apple has neither confirmed nor denied the end of the deal with Goldman Sachs. The company says it will “continue to innovate and provide the best tools and services” to Apple Card customers.
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