Visa Offers $100 Million to Replace Mastercard as Apple’s Credit Card Partner

Image Credit: Reuters

Visa has reportedly offered Apple around $100 million to take over the tech giant's credit card partnership from Mastercard, according to a Wall Street Journal report on Tuesday, citing sources close to the matter.  

Visa's proposal is a bold attempt to secure the Apple Card, with an upfront payment typically seen with the largest card programs, the report noted. American Express is also in the running, aiming to replace Mastercard and become both the issuer and network for the Apple Card.  

In November 2023, reports revealed that Goldman Sachs and Apple had ended their credit card partnership, which began in 2019 with Mastercard as the payment processor.  

Multiple financial institutions are now competing to replace Goldman as Apple's new credit card partner. In January, Reuters reported that Apple was in talks with Barclays and Synchrony Financial about the partnership. Additionally, JPMorgan Chase has been in discussions with Apple about the potential business since last year.  

Goldman Sachs ventured into the consumer business nearly a decade ago to diversify its revenue streams beyond trading and investment banking. However, by late 2022, the firm scaled back its retail ambitions, setting aside billions of dollars to cover potential losses in the sector.

Paraphrasing text from "Reuters" all rights reserved by the original author