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Visa has reportedly offered Apple around $100 million in a bid to replace Mastercard as the provider of the Cupertino-based tech firm's payments network.
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According to The Wall Street Journal, Visa and American Express have been trying to replace Mastercard as the payments network for Apple's credit card currently issued by Goldman Sachs.
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The report also said banks such as JPMorgan Chase and Synchrony Financial are competing to take over the business done for Apple by Goldman.
Visa (V) has reportedly offered Apple (AAPL) around $100 million in a bid to replace Mastercard (MA) as the provider of the Cupertino-based tech firm's payments network.
According to The Wall Street Journal, which cited people familiar with the matter, Visa and American Express (AXP) have been trying to replace Mastercard as the payments network for Apple's credit card currently issued by Goldman Sachs (GS). The report also said banks such as JPMorgan Chase (JPM) and Synchrony Financial (SYF) are competing to take over the business Goldman provides for Apple. The Journal reported that Goldman is retreating from consumer lending and has been exploring an exit from the credit card since at least early 2023.
The report said that Apple is expected to pick a credit card network before choosing a bank to replace Goldman. Mastercard is “fiercely” vying to hold on to its current position, while American Express is seeking to be both issuer and network for the Apple card, The Journal said.
Visa and Mastercard are the two largest payment processing networks in the world issue cards via financial institutions unlike rival American Express, according to The Journal.
Visa declined to comment. Apple, Goldman, American Express and Synchrony Financial didn’t immediately respond to requests for comment.
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