Visa and American Express Compete to Replace Mastercard in Apple Card Overhaul

Apple evaluates new partners as Goldman Sachs exits the Apple Card partnership, with Visa offering $100 million and American Express seeking dual roles.

Goldman Sachs is exiting its Apple Card partnership due to financial losses and customer service challenges, ending a collaboration that began in 2019.
Visa has made an aggressive bid to replace Mastercard as the Apple Card's payment network, offering Apple a $100 million upfront payment.
American Express is seeking to secure both the payment network and issuing bank roles, aiming to replace both Mastercard and Goldman Sachs.
Mastercard is actively working to retain its position as the Apple Card's payment network, leveraging its Finicity platform integration with Apple's ecosystem.
Apple plans to finalize the payment network decision before selecting a new issuing bank, with potential partners including JPMorgan Chase, Synchrony Financial, and Barclays.