Apple Inc. and Goldman Sachs Group Inc. plan to launch a joint credit card combined with an iPhone that gives customers the ability to manage their personal finances, according to a report in The Wall Street Journal.

The credit card, which will operate on the Mastercard platform, will use Apple's Wallet app to help customers set spending goals, manage account balances and track rewards points.

The planned rollout will involve a testing period using company employees followed by a larger rollout later this year. The companies began discussing the joint credit card effort in 2018, which comes at a time when Apple is seeing a slowdown in iPhone sales and Goldman Sachs is competing to get more digital customers through its Marcus product.