Visa has offered Apple approximately $100 million to acquire the tech giant's credit card partnership from Mastercard, according to a report from the Wall Street Journal citing sources familiar with the matter.
This marks a significant move by Visa to secure the Apple Card, as the upfront payment is typically reserved for the largest card programs. Visa has not commented on the report.
American Express is also seeking to replace Mastercard and become the issuer and network for the Apple Card.
Goldman Sachs and Apple launched their credit card partnership in 2019, utilizing Mastercard as the payment processor. There have been recent reports that several financial firms are vying to become Apple's credit card partner. In January, Apple was reportedly in talks with Barclays and Synchrony Financial regarding this partnership.
JPMorgan Chase has also pursued the opportunity since last year. Goldman Sachs entered the consumer business nearly a decade ago to diversify its revenue beyond trading and investment banking. However, by late 2022, the firm decided to reduce its retail ambitions after setting aside billions of dollars to cover potential losses in this sector.