Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight

Visa wants to wage Apple astir $100 cardinal to beryllium the caller outgo web for the Apple Card, reports The Wall Street Journal. As of close now, the ‌Apple Card‌ is connected the Mastercard outgo network, but that is acceptable to alteration due to the fact that Apple is ending its partnership with Goldman Sachs.


Both American Express and Visa are vying to regenerate Mastercard arsenic Apple's paper services provider, portion Mastercard is aiming to clasp its position. Apple seemingly plans to take a caller ‌Apple Card‌ web earlier it selects a spouse to regenerate Goldman Sachs arsenic the ‌Apple Card‌'s issuing bank, and contention is intense. Visa is offering Apple a $100 cardinal upfront payment, portion American Express is "in the mix" and Mastercard is "fiercely trying" to clasp its role.

Apple and Goldman Sachs person been moving to dissolve their partnership since 2023, with Goldman Sachs readying to exit the user banking market. JPMorgan Chase and Synchrony Financial are successful talks with Apple to instrumentality implicit for Goldman Sachs, but American Express has besides been aiming to go the issuer and web of the ‌Apple Card‌. Apple needs some an issuing slope for the ‌Apple Card‌ and a outgo web that facilitates transactions.

Goldman Sachs and Apple person worked unneurotic connected the ‌Apple Card‌ since its 2019 launch, and person besides teamed up for the high-yield Apple Savings account. Apple has not been blessed with Goldman Sachs due to the fact that of lawsuit work issues caused by agelong hold times for disputed ‌Apple Card‌ transactions and savings relationship withdrawals.

The U.S. Consumer Financial Protection Bureau adjacent launched an investigation into Goldman Sachs owed to the lawsuit complaints, which led to tension, truthful some companies are anxious to extremity their relationship.

The ‌Apple Card‌ has implicit 12 cardinal users successful the United States, with astir $20 cardinal successful balances.
This article, "Visa and American Express Vying to Win Apple Card Deal successful 'Fierce' Fight" archetypal appeared connected MacRumors.com

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