The volatile partnership between Goldman Sachs and Apple Card will see its end at some point, after which the company will be free to choose another banking partner. However, before any team-up like this occurs with another institution, Apple will have to switch its payment network. Thankfully, the Silicon Valley behemoth is already said to be receiving offers from Visa and American Express, with the former said to be interested in creating a legally bound partnership for $100 million.
As Visa and American Express duke it out to secure a deal with the Apple Card, Mastercard is said to be fighting to retain its position as the company’s payment network
A report from The Wall Street Journal mentions that the aforementioned amount offered by Visa is a figure that it typically serves to clients like Costco, with the Apple Card likely appealing to the firm as a ‘once in a lifetime’ opportunity. American Express’ CEO was uninterested in pursuing a deal before, so it is unconfirmed as to what changed, but according to the details, the multinational banking corporation wants to become the card issuer and payment network.
While Mastercard will likely be fighting ‘tooth and nail’ to remain on Apple’s radar, it has an ace up its sleeve that was pointed out by AppleInsider. Turns out that Apple needs to stick with the payment network until a portion of 2026 ends for the contract to expire, after which it will consider itself a ‘free agent.’ Amidst this development, JPMorgan Chase and Synchrony Financial are in talks to take over from Goldman Sachs to become the official issuing partner of the Apple Card.
Talks are likely happening behind closed doors, and nothing is set in stone at the moment. In order for the Apple Card to find a new bank, the existing partnership with Goldman Sachs must dissolve first.
News Source: The Wall Street Journal
