Visa has proposed a significant offer of $100 million to Apple, aiming to take over the credit card partnership from Mastercard, according to sources cited by the Wall Street Journal on Tuesday.
The move marks a bold strategy to secure the coveted Apple Card, with Visa providing an upfront payment typically reserved for major card programs.
American Express (Amex) has also entered the race, seeking to replace Mastercard as both the issuer and network for the Apple Card. This competition follows the recent conclusion of Apple’s partnership with Goldman Sachs and Mastercard, which began in 2019.
Reports from November 2023 confirmed the alliance’s end.
Several financial firms, including Barclays, Synchrony Financial, and JPMorgan Chase, are now vying to become Apple’s new credit card partner, as previously reported by Reuters. Apple’s credit card business has attracted intense industry attention, given its potential impact on the consumer finance landscape.
Goldman Sachs, which entered the consumer sector nearly a decade ago to diversify its revenue streams, scaled back its retail operations by late 2022 after incurring significant losses.
Apple’s search for a new financial partner reflects the evolving dynamics of its credit card ambitions, with major players like Visa and Amex leading the charge.
