Last May Patently Apple posted a report titled "Apple and Goldman are reportedly planning a Joint Credit Card Carrying Apple Pay Branding." We reported back then that Apple had decided to partner up with Goldman Sachs on a new joint credit card. Expected to launch early next year, the initiative is described as "a move that would deepen the technology giant's push into its customers' wallets and mark the Wall Street firm's first foray into plastic." We're now learning that last year's report was accurate as "The new cards will be rolled out to employees for testing in next few weeks and will be launched later this year," according to Reuters.

Reuters further noted that "The card, which will be linked with Apple’s Wallet app, will allow users to set spending goals, track rewards, and manage balances.

The deal will benefit both the companies tap into new income sources. Apple has been sharpening its focus on its services business, including the App Store, mobile payments and music streaming after a recent dip in iPhone sales, which generate most of the company’s profit.

The joint card, which will use Mastercard’s payment network, offers a cash back of about 2 percent on most purchases." For more on this, read the full Reuters report here.

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