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Goldman Sachs Group Inc. will issue Apple Inc.’s new co-brand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.

Goldman Sachs’s arrangement with Apple would replace the technology giant’s previous deal with Barclays Plc, the person said, asking not to be identified discussing internal plans. The two companies are still formulating the product, the person said.

Goldman Sachs is planning a deeper foray into the world of co-brand credit cards, a space that’s become increasingly competitive as banks ratchet up rewards to win business with retailers. The firm has been expanding into consumer finance through its new Marcus unit, an effort led by Harit Talwar, the former head of Discover Financial Services’ U.S. card business.

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Goldman Sachs recently hired Scott Young and Anand Sivadasan, who had previously negotiated co-brand credit-card partnerships for Citigroup Inc., and Shailesh Mendonca, a digital marketing executive from Capital One Financial Corp.

Spokesmen for Goldman Sachs, Apple and Barclays declined to comment. The Wall Street Journal reported on the new partnership earlier Thursday, saying a card could be released next year.

Barclays offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases. For purchases over $999, Barclays also offers 18 months of interest-free financing.

Apple has been expanding into finance through Apple Pay, which allows users to load their debit and credit cards into a digital wallet and pay with their phone. Since its debut in 2014, the service has attracted roughly 86 million consumers, according to Juniper Research. Last year, the technology giant launched Apple Pay Cash, a person-to-person payments platform that allows Apple to compete with PayPal Holdings Inc.’s Venmo.

Merchants have been slow to adopt Apple Pay, with just 35 percent saying they accept the service in a 2018 survey by Kount. That compares with 64 percent of merchants saying they accept PayPal, which is considered the leader in digital wallets with 237 million users.

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