Visa Seeks to Partner with Apple Card

Visa has proposed around $100 million to Apple to take over the credit card partnership from Mastercard, reports The Wall Street Journal.

This move is part of Visa's efforts to gain rights to the Apple Card by offering an advance typically reserved for major card programs. The American payment giant is also facing competition from American Express, which aims to be both the card issuer and payment network.

Goldman Sachs and Apple, who began collaborating with Mastercard in 2019 for payment processing, ended their partnership in November 2023. Now several financial companies are looking to replace Goldman as Apple's credit card partner. According to Reuters, Apple has been in talks with Barclays, Synchrony Financial, and JPMorgan Chase since last year.

Goldman Sachs entered the consumer business nearly a decade ago, aiming to diversify its revenue beyond trading and investment banking. However, by the end of 2022, the firm decided to scale back its retail ambitions, allocating billions to cover potential losses.