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Visa, Mastercard, and American Express Compete for Apple Card Payment Network Role

Apple's search for a new payment network heats up as Visa offers $100 million upfront, while American Express seeks to take on both issuing and network responsibilities.

A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White/Illustration/File Photo
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Overview

  • Apple is negotiating with Visa, Mastercard, and American Express to select a new payment network for the Apple Card after Goldman Sachs' planned exit.
  • Visa has made a $100 million upfront offer to secure the payment network role, a significant incentive for Apple.
  • American Express is proposing to serve as both the issuer and payment network, potentially replacing both Goldman Sachs and Mastercard.
  • Mastercard is actively working to retain its position by exploring deeper integrations with Apple's ecosystem, including leveraging its Finicity platform.
  • Apple's decision on the payment network is expected to precede its selection of a new issuing bank, with candidates including JPMorgan Chase and Synchrony Financial.