Visa has proposed approximately $100 million to Apple to take over the credit card partnership from Mastercard, according to The Wall Street Journal.
This effort is part of Visa’s strategy to gain rights to the Apple Card by offering an advance typically reserved for major card programs. The American payment card giant is also facing competition from American Express, which aims to be both the card issuer and payment network.
Goldman Sachs and Apple, which began their partnership in 2019 with Mastercard for payment processing, ended this collaboration in November 2023. Now several financial firms are looking to replace Goldman as the credit card issuer for Apple. According to Reuters, Apple has been in discussions with Barclays, Synchrony Financial, and JPMorgan Chase since last year.
Goldman Sachs ventured into consumer business nearly a decade ago, attempting to expand its revenue beyond trading and investment banking. However, by the end of 2022, the firm decided to scale back its retail ambitions, setting aside billions of dollars to cover potential losses.
