A battle is apparently breaking out among companies looking to get in on the Apple Card business.According to a new report from , Visa, Mastercard, and American Express are all in talks to become the payment network behind Apple Card… As a refresher, Goldman Sachs is the bank that currently backs the Apple Card.Mastercard currently serves as the card’s payment network, helping to transmit information between the bank and the merchant.
As has been reported many times, Goldman Sachs is looking for a way out of its deal with Apple after losing billions of dollars on the partnership.But before Apple picks a new bank to replace Goldman Sachs, it needs to select a network for Apple Card.Today’s report from (Apple News+ link) says that both Visa and American Express are “trying to unseat Mastercard” as the payment network that powers the Apple Card.
Visa has reportedly made an “aggressive pitch” to win the Apple Card business, sweetening the offer with a $100 million “upfront payment to Apple that’s normally reserved for the biggest card programs.” Meanwhile, American Express is vying to become both the issuer and network of the Apple Card, replacing Goldman Sachs and Mastercard.Mastercard, however, isn’t going down without a fight and is “fiercely trying to keep its role as the network,” the report says.Mastercard has also explored integrating its Finicity platform with the Apple ecosystem: Goldman Sachs has been trying to exit its relationship with Apple since at least November 2023.
A number of partners are vying to replace Goldman as the bank behind the card, including Synchrony, Chase, Capital One, and American Express.Follow Chance: Threads, Bluesky, Instagram, and Mastodon. You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day.Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop.
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