Visa Seeks to Acquire Apple Card Partnership
Visa has proposed around $100 million to Apple to take over the partnership for credit card issuance from Mastercard, reports The Wall Street Journal.
This move is part of Visa's efforts to secure the rights to the Apple Card by offering an advance typically reserved for major card programs. The American payment giant also faces competition from American Express, which aims to be both the card issuer and the 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 consumer business nearly a decade ago, attempting to diversify its revenue streams beyond trading and investment banking. However, by the end of 2022, the company decided to scale back its retail ambitions, allocating billions to cover potential losses.