Visa Offers $100 Million to Replace Mastercard as Apple Card's Payment Network

Apple nears decision on new payment network as Visa, Mastercard, and American Express compete to secure the high-profile partnership.

Visa has proposed a $100 million upfront payment to Apple in an attempt to replace Mastercard as the Apple Card's payment network.
American Express is aiming to become both the issuer and payment network for the Apple Card, seeking full control of the program.
Mastercard is actively working to retain its role, including exploring integration of its Finicity platform with Apple's ecosystem.
Apple plans to finalize its choice of payment network before selecting a new issuing bank to replace Goldman Sachs, which is exiting the partnership.
The Apple Card program, with 12 million U.S. users and $20 billion in balances, is a significant opportunity for financial institutions and payment networks.