The list of payment networks looking to align with Apple Card is growing, with Visa becoming the latest to enter the fray.
According to an exclusive report from The Wall Street Journal, Visa is offering the tech company an upfront payment of nearly $100 million in trying to secure the Apple Card contract.
Visa joins American Express in trying to replace Mastercard, the current payment network company attached to the card. However, Mastercard is not going down with a fight, as it looks to remain connected to Apple Card while seeking to expand its ongoing relationship with Apple.
The Journal also reported that Mastercard would want to incorporate its fintech products into the Apple ecosystem. For example, its Finicity would offer a plug-in enabling Mastercard’s users to monitor their deposit account balances within Apple’s software.
Running parallel with this bidding war is the fact that Apple Card is also looking for a new bank issuer as Goldman Sachs is exiting the consumer lending business.
JPMorgan Chase, Synchrony Financial, and American Express are the interested parties looking to take over from Goldman Sachs.
Apple is expected to choose a new network before selecting a replacement bank, as the network serves as the information conduit between merchants’ banks and the banks issuing consumers’ cards.
