#eCommerce / Goldman’s Bid For GM’s Card Business Shows Connected Commerce Lure

Is the car destined to become the next big portal for eCommerce? … That’s apparently the vision being pitched by investment banking and financial services giants Goldman Sachs and Barclays as they pursue a deal for General Motors’ credit card.

… while GM’s credit card is attractive on its own, with about $3 billion in outstanding balances, Goldman Sachs and Barclays are both pushing a larger vision under which the automobile becomes a mobile, eCommerce hub… Exactly how this would work is apparently still being hammered out, but the two big financial services firms are intrigued by the possibility that consumers in the not-too-distant future will not only pay for gas from the driver’s seat, but will also buy groceries, pay for takeout and reserve hotel rooms…

For Goldman Sachs, the pursuit of the GM credit card deal comes as the investment bank pursues a high-stakes plan to transform itself into a wider-ranging, consumer-banking-focused financial services company.

https://www.pymnts.com/news/payment-methods/2020/goldmans-bid-for-gms-card-business-shows-connected-commerce-lure