Visa wants to replace Mastercard as Apple's credit card partner
What's the story
In a major move, Visa has placed a bid of around $100 million to take over Mastercard as the credit card partner for Apple's Apple Card.
The Wall Street Journal reported Visa's bid as a significant move in the competitive credit card market.
Along with Visa, American Express is also reportedly chasing the Apple Card partnership.
Reason
What does American Express want?
The WSJ reported that American Express is looking to be both the issuer and network for Apple's credit card. The competition for this potential partnership highlights the significant interest from major financial players.
End of alliance
Goldman Sachs and Apple's partnership comes to an end
The partnership between Goldman Sachs and Apple, which started in 2019 with Mastercard as the payment processor, has reportedly come to an end.
The end of this partnership has now paved the way for other financial firms to come in as potential replacements for Goldman as Apple's credit card partner.
Potential partners
Apple in talks with Barclays, Synchrony Financial
Apple is said to be in talks with Barclays and Synchrony Financial to become its new credit card partner. Reuters had reported this in January. JPMorgan Chase has also been in discussions with Apple for this business since last year.