In a high-stakes move that underscores the strategic value of embedded finance, Visa has reportedly tabled a $100 million offer to displace Mastercard as the network provider behind the Apple Card — a bold gambit in one of the most competitive corners of consumer finance.
Visa bids $100m on Apple Card
The offer, first revealed by The Wall Street Journal, represents an aggressive push by Visa to position itself at the heart of Apple’s growing financial ecosystem.
Since its launch in 2019, the Apple Card has become an integral part of Apple’s Wallet app and Apple Pay infrastructure, amassing over 12 million users and a loan book exceeding $20 billion.
Now, as Apple severs ties with former partner Goldman Sachs, the race is on among card networks and banks to secure a stake in this lucrative platform.
Contenders…Ready!
Goldman Sachs, which served as both card issuer and partner via Mastercard, announced its exit from consumer finance in 2023 following persistent losses, regulatory headaches, and underwhelming returns.
Its withdrawal has triggered a scramble among major players. Visa’s upfront offer — rare in the world of card partnerships — signals not only the size of the prize on offer but also the urgency of the moment.
American Express is said to be lobbying Apple as well, with a proposal that would see Amex take on both issuing and network responsibilities.
Meanwhile, a host of large banks — including JPMorgan Chase, Synchrony Financial and Barclays — are believed to be circling the issuer role left vacant by Goldman.
Apple is reportedly prioritising the selection of a new network partner before finalising its choice of issuer, putting additional pressure on interested parties to act quickly.
The Apple Card
For Apple, the Apple Card is not merely a financial product, but a key component of its services strategy — an area that has become vital to the company’s future growth.
With no fees, daily cashback incentives, and seamless integration into Apple’s ecosystem, the card is designed to reinforce customer loyalty and drive usage of Apple Pay.
Yet the departure of Goldman marks a pivotal juncture.
The bank’s experience highlights the challenges that traditional financial institutions face when entering consumer credit markets at scale.
Goldman’s consumer foray — including the Apple partnership — cost the bank billions and attracted scrutiny from US regulators, culminating in an $89 million fine linked to consumer complaints.
Now, Apple’s partners of the future will be expected not only to deliver technical reliability and competitive economics, but also to align closely with Apple’s brand ethos and digital-first user experience.
That’s a tall order — but one Visa, Amex, and others appear eager to meet.
The bidding war reflects the broader trend of tech-finance convergence, where control over customer experience — and data — is as valuable as transaction fees.
As Apple reshapes its financial partnerships, the outcome will have lasting implications for how payments, loyalty, and digital wallets evolve in the years ahead.
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