Apple is ending its credit card partnership with Goldman Sachs Group, Reuters reports.

The tech giant recently sent a proposal to the Wall Street bank to terminate the contract within the next 12 to 15 months, the report said, citing people familiar with the matter. Apple and Goldman had begun rolling out a virtual credit card in 2019.

The report also states that this decision will cover their entire partnership with consumers, including the savings account introduced this year.

“Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them”, said an Apple spokesperson to Reuters.

As a reminder, earlier this year Apple launched the Buy Now, Pay Later (BNPL) service in the US, enabled through the Mastercard Installments program. The company then announced that Goldman was the issuer of the Mastercard payment certificate.

According to report the partnership, which was a part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago through 2029.

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