Apple Card will not allow purchase of cryptocurrencies

(Reuters) – The Apple Inc (AAPL.O) bank card being launched with Goldman Sachs Group Inc (GS.N) will not allow the purchase of cryptocurrencies with the cardboard, in keeping with a buyer settlement posted to Goldman’s web site on Friday.

The Apple Card buyer settlement stated the cardboard can’t be used to purchase money advances or money equivalents that embody cryptocurrencies, on line casino gaming chips, race monitor wagers or lottery tickets. Goldman declined to remark and Apple did not instantly reply to request for remark.

The Apple Card is an element of a broader effort by Apple to derive extra of its income from companies after years of closely reliance on iPhone gross sales, which declined 12% in the latest quarter.

For Goldman’s half, the Apple partnership is an element of the longtime funding financial institution’s effort to construct out a consumer-facing enterprise.

Apple and Goldman are not alone in banning the purchase of cryptocurrency similar to Bitcoin with bank cards. Major American and British banks Lloyds Banking Group Plc (LLOY.L) and Virgin Money VM.L banned such purchases right here final yr, following the lead of U.S. banking giants JP Morgan Chase & Co (JPM.N) and Citigroup (C.N). The banks have been involved that unstable costs might depart shoppers saddled with money owed they might not repay.