For Goldman, the move heightens the risks it faces launching a credit card during the latter stages of a decade-long U.S. expansion.
"had an aversion" to rejecting any of his customers for the card, according to a former executive of the bank. They tested a card, but didn't roll it out broadly, this person said.
The approval process, done through the iPhone wallet app, was designed to give most applicants a decision within two minutes, said the people. In that time, the bank's systems confirm users' identity and that their credit bureau records indicate they can repay their debts, the people said.to facilitate credit decisions, said another person with knowledge of the situation.
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