In what could become a major reshuffle in the digital payments space, Visa has reportedly offered Apple $100 million to become the new payment network for the Apple Card, replacing Mastercard. This strategic move—revealed by the Wall Street Journal—signals an escalating competition among top-tier financial institutions to align with tech giants leading the future of consumer finance.
A High-Stakes Offer from Visa
Visa’s offer is particularly striking for its size. According to insiders, the $100 million upfront payment is the kind usually reserved for the largest and most high-performing card programs globally. The bid comes as Visa aims to strengthen its foothold in the booming digital payments market, where consumer loyalty and embedded financial services increasingly rest in the hands of tech platforms like Apple.
While Visa declined to comment, the implications of such a deal could reshape dynamics in the credit card industry.
End of the Goldman-Mastercard Alliance
The Apple Card originally launched in 2019, with Goldman Sachs as the issuing bank and Mastercard as the payment network. However, by late 2022, Goldman began withdrawing from its consumer banking ambitions after incurring substantial losses in the retail space. In November 2023, it was reported that the Apple-Goldman partnership would officially end, opening the door for a new financial partner.
Multiple Financial Giants in Pursuit
Visa isn’t alone in trying to seize this opportunity. American Express is also making a bid—aiming to become both the issuer and network for the Apple Card. Meanwhile, JPMorgan Chase, Barclays, and Synchrony Financial have also held discussions with Apple, according to Reuters.
Each contender brings a unique set of capabilities and customer reach, making Apple’s final decision a pivotal moment for the card’s future evolution.
Why This Matters
The Apple Card is more than just another credit card—it’s a tech-forward financial product that integrates seamlessly with the Apple ecosystem, and it represents a new frontier in how consumers interact with money.
With over 1 billion iPhones in use globally and Apple’s strong reputation for user-centric design, any financial institution that secures the partnership stands to benefit from unmatched reach and brand equity.
What Lies Ahead?
Apple is now in the enviable position of choosing from multiple high-powered suitors. Whether it continues with an established banking partner, embraces Visa’s aggressive push, or opts for American Express’ full-service offer, the outcome will shape the next phase of embedded finance.
What’s certain is this: the competition to power the Apple Card reflects a broader transformation—where tech platforms and financial institutions are converging to redefine how consumers spend, borrow, and manage their money.
