Visa needs to pay Apple roughly $100 million to be the brand new fee community for the Apple Card, studies The Wall Road Journal. As of proper now, the Apple Card is on the Mastercard fee community, however that’s set to alter as a result of Apple is ending its partnership with Goldman Sachs.
Each American Specific and Visa are vying to interchange Mastercard as Apple’s card providers supplier, whereas Mastercard is aiming to retain its place. Apple apparently plans to decide on a brand new Apple Card community earlier than it selects a companion to interchange Goldman Sachs because the Apple Card’s issuing financial institution, and competitors is intense. Visa is providing Apple a $100 million upfront fee, whereas American Specific is “within the combine” and Mastercard is “fiercely making an attempt” to retain its position.
Apple and Goldman Sachs have been working to dissolve their partnership since 2023, with Goldman Sachs planning to exit the patron banking market. JPMorgan Chase and Synchrony Monetary are in talks with Apple to take over for Goldman Sachs, however American Specific has additionally been aiming to grow to be the issuer and community of the Apple Card. Apple wants each an issuing financial institution for the Apple Card and a fee community that facilitates transactions.
Goldman Sachs and Apple have labored collectively on the Apple Card since its 2019 launch, and have additionally teamed up for the high-yield Apple Financial savings account. Apple has not been pleased with Goldman Sachs due to customer support points attributable to lengthy wait occasions for disputed Apple Card transactions and financial savings account withdrawals.
The U.S. Shopper Monetary Safety Bureau even launched an investigation into Goldman Sachs because of the buyer complaints, which led to rigidity, so each firms are keen to finish their relationship.
The Apple Card has over 12 million customers in the US, with roughly $20 billion in balances.
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