The Wall Street Journal reported that both American Express and Visa are competing against each other to land the Apple Card deal.
Apple Card is currently in the Mastercard network, but that could change soon. Apple apparently wishes to end the Goldman Sachs partnership and possibly choose a new payment network. Mastercard is trying to renew the contract, but there have been offers from the competition, specifically Visa and American Express. Visa is believed to have offered around $100 million, while the figure from American Express is unknown. Apple and Goldman Sachs are in talks about ending the partnership, and other financial institutions, such as Synchrony Financial and JPMorgan Chase, have made offers. It’s worth noting that Apple will need a payment network and an issuing bank for the Apple Card.
The reason for the Goldman Sachs partnership dissolving is poor customer service. Apple Card launched in 2019 in the US.
