Apr 02, 2025 13:45:00

Visa, which has entered the payment network for Apple's credit card 'Apple Card,' has offered to pay about 15 billion yen, intensifying the dispute

In 2019, Apple partnered with Goldman Sachs and MasterCard to roll out its own credit card, the

Apple Card , which is linked to the iPhone. As Goldman Sachs moves to withdraw from Apple Card, the Wall Street Journal reports that the battle is intensifying with Visa and American Express stepping up to become new payment networks.

Exclusive | Visa Offers Apple Roughly $100 Million to Take Over Credit Card From Mastercard - WSJ
https://www.wsj.com/finance/banking/apple-card-visa-mastercard-deal-3ce762da

Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight - MacRumors
https://www.macrumors.com/2025/04/01/visa-american-express-apple-card-deal/

Mastercard may be in for a fight to stay Apple Card network
https://appleinsider.com/articles/25/04/01/mastercard-may-be-in-for-a-fight-to-stay-apple-card-network-provider

The Apple Card, which can be used with an iPhone to make payments with Apple Pay, has attracted attention for its special benefits of offering a 2% cashback on payments made via Apple Pay and a 3% cashback on payments made via Apple Music. The company also announced that it will offer a regular savings account service with an annual interest rate of 4.15% in 2023, which attracted a lot of attention.

Apple launches regular deposit service with 4.15% interest rate - GIGAZINE

However, Goldman Sachs, its partner, has suffered huge losses from the Apple Card business, and some executives have said about the regular deposit service, 'We should not have entered into this kind of service. ' In November 2023, it was reported that Apple plans to end its partnership with Goldman Sachs.

Apple ends partnership with Goldman Sachs, future of Apple Card unclear - GIGAZINE

Over the past few months, financial institutions such as JPMorgan Chase and Synchrony Financial have come forward to take over Goldman Sachs' role. However, it's not just financial institutions that will change with Goldman Sachs' departure; MasterCard's payment network may also be replaced.

According to the Wall Street Journal, Visa, which is vying to become the new payment network for Apple Card, has offered to pay Apple as much as $100 million, and American Express, which previously discussed a partnership with Apple Card, is reportedly looking to act as both Goldman Sachs and the payment network.

And incumbent payment network MasterCard is reportedly also trying hard to maintain its position.

Payment networks are gunning for the Apple Card because Apple is one of the largest co-branded credit card programs, which means higher revenue for the payment networks.

In addition, Apple is increasingly becoming the center of payments and financial services for many consumers, and major banks and payment networks are trying to get closer to Apple while being wary of Apple's ambitions and foray into financial services. Becoming an Apple Card payment network could give Apple an advantage over other companies in future payment initiatives, the Wall Street Journal pointed out.