Apple is currently engaged in discussions with Visa, Mastercard, and American Express regarding the future payment network for the Apple Card. This comes after Goldman Sachs, the current issuing bank, expressed its intent to end its partnership with Apple. Mastercard presently serves as the Apple Card’s payment network, handling transaction processing.
Visa and American Express are both seeking to secure this role. Visa has reportedly made a financial offer to Apple. American Express is pursuing a more expansive role, seeking to act as both the issuing bank and the payment network, replacing both Goldman Sachs and Mastercard.
Mastercard is actively working to retain its position. The company is exploring the addition of its Finicity platform to the Apple ecosystem, which could let users view their bank account balances within Apple’s environment. This demonstrates the competitive environment surrounding Apple’s financial partnerships.
In parallel, Apple is also in discussions with other financial institutions, including Synchrony, Chase, and Capital One, to replace Goldman Sachs as the Apple Card’s issuing bank. These discussions reflect Apple’s ongoing process of reassessing its financial partnerships.
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