Visa has reportedly offered Apple $100 million to secure its credit card business, currently handled by Mastercard, amidst a competitive bid also involving American Express.
This comes as Goldman Sachs, the current issuing bank, exits consumer lending, forcing Apple to seek a new partner.
According to the Wall Street Journal, Apple intends to choose a payment network before selecting a new bank. Visa’s spokesperson declined to comment on the reported offer.
The Apple Card, launched in 2019 with Goldman Sachs and Mastercard, is a lucrative prize, boasting $20 billion in balances and significant influence in consumer finance.
The potential shift follows Goldman Sachs’ 2022 decision to scale back consumer banking. Reports surfaced in 2023 of discussions with American Express to take over the Apple Card.
In January, Apple was linked to talks with Barclays and Synchrony Financial. Goldman Sachs CEO David Solomon acknowledged the possibility of an early end to their contract with Apple, despite it running until 2030.
