Visa bids $100 million to replace Mastercard as Apple’s new credit card partner: Report

Visa declined to Reuters’ request for comment [File]
| Photo Credit: AP

Visa has offered Apple roughly $100 million to take over the tech giant’s credit card partnership from Mastercard, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.

Visa has made a bold push to secure the Apple Card, offering an upfront payment typically reserved for the largest card programs, WSJ reported.

Visa declined to Reuters’ request for comment.

American Express is also trying to unseat Mastercard to win the Apple card. Amex is looking to become the card’s issuer as well as the network, the report said, citing the sources.

Goldman Sachs and Apple, which launched their credit card partnership in 2019 with Mastercard as the payment processor, have ended the alliance, according to a report from November 2023.

Several financial firms are vying to replace Goldman as the credit card partner.

Reuters reported in January that Apple was in talks with Barclays and Synchrony Financial to become the tech giant’s credit card partner.

JPMorgan Chase has also been in talks with Apple about the business since last year, Reuters had reported previously.

Goldman entered the consumer business nearly a decade ago, aiming to broaden its revenue beyond its traditional mainstays of trading and investment banking.

By late 2022, the Wall Street powerhouse decided to scale down its retail ambitions after setting aside billions of dollars to cover potential losses in the business.