06:12 AM EDT, 04/02/2025 (MT Newswires) -- Visa (V) has proposed $100 million to Apple ( AAPL ) in a move to take over network operations on the Apple Card from Mastercard ( MA ) , The Wall Street Journal reported Tuesday, citing unnamed people familiar with the matter.

Before choosing a new issuing bank to succeed Goldman Sachs ( GS ) , which is stepping back from retail lending, Apple ( AAPL ) plans to first select a card network, according to the report.

Visa's bid includes an upfront payment similar to one it reportedly made to secure the Costco (COST) card program.

Mastercard ( MA ) is trying to maintain its current role in the arrangement, while American Express ( AXP ) is seeking to serve as both the card issuer and processor, the WSJ quoted the sources as saying.

Visa, Apple ( AAPL ), Mastercard ( MA ), American Express ( AXP ), and Goldman Sachs ( GS ) did not immediately respond to MT Newswires' request for comment.

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