Visa Offers $100 Million to Replace Mastercard as Apple’s Credit Card Partner
- Visa has offered Apple approximately $100 million to take over the Apple Card partnership from Mastercard.
- Goldman Sachs and Apple ended their credit card partnership, which began in 2019, as Goldman scaled back its consumer business.
Visa has reportedly offered Apple approximately $100 million to replace Mastercard as the payment network for the Apple Card, according to sources cited by The Wall Street Journal.
This upfront payment is typically reserved for the largest card programs, signaling Visa’s strong interest in securing the partnership.
American Express is also vying to replace Mastercard, seeking to become both the issuer and network for the Apple Card, the report states.
Apple and Goldman Sachs, who launched their credit card partnership in 2019 with Mastercard as the payment processor, have decided to part ways. Since late 2022, Goldman has been scaling back its retail ambitions after setting aside billions to cover potential losses in its consumer business.
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Visa and Amex are not the only contenders. Barclays and Synchrony Financial have reportedly held discussions with Apple to take over the credit card partnership. JPMorgan Chase has also been in talks with Apple since last year.
As the competition intensifies, Apple’s next move in selecting its new credit card partner will be closely watched by the financial and tech industries alike.
Edited by Harshajit Sarmah
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