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Visa bids $100 million to replace Mastercard as Apple's new credit card partner, WSJ reports
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Visa bids $100 million to replace Mastercard as Apple's new credit card partner, WSJ reports
Apr 1, 2025 3:33 PM

April 1 (Reuters) - Visa has offered Apple ( AAPL )

roughly $100 million to take over the tech giant's

credit card partnership from Mastercard ( MA ), the Wall Street

Journal reported on Tuesday, citing sources familiar with the

matter.

Visa has made a bold push to secure the Apple Card, offering

an upfront payment typically reserved for the largest card

programs, WSJ reported.

Visa declined to Reuters' request for comment.

American Express ( AXP ) is also trying to unseat Mastercard ( MA )

to win the Apple ( AAPL ) card. Amex is looking to become the card's

issuer as well as the network, the report said, citing the

sources.

Goldman Sachs ( GS ) and Apple ( AAPL ), which launched their credit

card partnership in 2019 with Mastercard ( MA ) as the payment

processor, have ended the alliance, according to a report from

November 2023.

Several financial firms are vying to replace Goldman as the

credit card partner.

Reuters reported in January that Apple ( AAPL ) was in talks with

Barclays ( JJCTF ) and Synchrony Financial ( SYF ) to become the

tech giant's credit card partner.

JPMorgan Chase ( JPM ) has also been in talks with Apple ( AAPL )

about the business since last year, Reuters had reported

previously.

Goldman entered the consumer business nearly a decade ago,

aiming to broaden its revenue beyond its traditional mainstays

of trading and investment banking.

By late 2022, the Wall Street powerhouse decided to scale

down its retail ambitions after setting aside billions of

dollars to cover potential losses in the business.

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