Visa seeks to take control of Apple’s credit card business, offering the tech giant $100 million to replace Mastercard as the payment network.
As reported by the Wall Street Journal, this offer, which has been described as unusually large, stresses the high stakes involved in securing the Apple Card partnership.
Sources familiar with the matter revealed that Visa’s bid comes as other financial firms are also eager to take over from Goldman Sachs, which is exiting its consumer banking venture with Apple.
American Express is also aggressively pursuing the deal, not just as a network provider but as the card’s issuer—an arrangement that could alter Apple Card’s benefits and merchant fees.
Goldman Sachs initially partnered with Apple in 2019, aiming to expand beyond investment banking and trading. However, financial losses and regulatory cases forced the bank to reconsider.
By late 2022, it had begun scaling back its consumer banking operations, and by November 2023, reports confirmed the breakup of its partnership with Apple.
Apple has reportedly been in discussions with Barclays, Synchrony Financial, and JPMorgan Chase, all of whom are vying for the lucrative contract. JPMorgan, in particular, has been engaged in talks with Apple since last year, exploring adjustments to billing features and other terms.
For Apple Card users, the transition could bring changes—possibly new reward structures, revised fraud protection measures, or even temporary service disruptions. However, given Apple’s focus on seamless user experience, any shift will likely be managed carefully to minimise inconvenience.
Neither Apple nor Visa has publicly commented on the ongoing negotiations.
