Visa Seeks Partnership with Apple for Credit Cards
Visa has reportedly offered Apple around $100 million to take over the credit card partnership from Mastercard, as stated by The Wall Street Journal.
This move is part of Visa's efforts to obtain rights to the Apple Card by providing an advance typically reserved for the largest card programs. The American payment card giant is also facing competition from American Express, which aims to become both the card issuer and payment network.
Goldman Sachs and Apple, who began collaborating in 2019 with Mastercard for payment processing, ended their partnership in November 2023. Now several financial companies are looking to replace Goldman as Apple’s credit card issuance partner. According to Reuters, Apple has been in talks with Barclays, Synchrony Financial, and JPMorgan Chase since last year.
Goldman Sachs ventured into the consumer business nearly a decade ago, aiming to expand its revenues beyond trading and investment banking. However, by the end of 2022, the firm decided to scale back its ambitions in the retail sector, setting aside billions to cover potential losses.
