Discover top fintech news and events!
Subscribe to FinTech Weekly's newsletter
Read by executives at JP Morgan, Coinbase, Blackrock, Klarna and more
Visa Offers $100 Million to Apple in Bid to Replace Mastercard on Apple Card
Visa is reportedly seeking to take over the credit card network role for the Apple Card by offering Apple a substantial $100 million incentive. The move marks an aggressive attempt to unseat Mastercard, Apple’s current network partner, and secure one of the most high-profile payment card programs in the U.S.
The offer, disclosed in a report by The Wall Street Journal, reflects growing competition among payments giants and fintech firms to become embedded in powerful consumer finance platforms. Visa’s proposed upfront payment is considered significant even by industry standards and would typically be reserved for only the largest and most strategically important card programs.
According to the same report, American Express has also expressed interest in taking over the Apple Card, positioning itself not just as the network but also as the potential issuing bank.
Apple Card Partnership in Flux as Goldman Sachs Looks to Exit
Apple is currently exploring new partners for its credit card program amid Goldman Sachs’ decision to pull back from its consumer finance strategy. Goldman, which has served as the Apple Card’s issuer since its launch in 2019, is reportedly looking to exit its consumer-facing operations, including the Apple partnership.
In response, Apple is believed to have entered discussions with several financial institutions, including JPMorgan Chase, Barclays, and Synchrony Financial, to take over as the issuer. These talks suggest that Apple is preparing for a broader realignment of its financial services strategy—one that could open the door for new providers across both the issuing and network layers of its card program.
If Visa succeeds in replacing Mastercard, it would represent a rare reshuffling of two major players in an ecosystem that has remained relatively stable since Apple Card's debut.
American Express Also in Contention
Visa isn’t the only company vying to secure a place in Apple’s financial products. American Express is reportedly positioning itself to take over not just the card network role but also the issuing function. This dual capability could be attractive to Apple, which is looking to simplify its partner structure while preserving a premium user experience.
Amex’s participation highlights how critical the Apple Card has become in the evolving payments landscape. The card plays a key role in Apple’s fintech ambitions, anchoring a suite of financial tools that includes Apple Pay, Apple Cash, and an increasingly integrated set of savings and payments services.
For Amex, the Apple Card could provide access to a younger, tech-savvy customer base that values rewards, privacy, and digital-first design. For Apple, the partnership could signal a shift toward working with financial brands more closely aligned with its long-term consumer strategy.
The Stakes Are Growing in the Fintech-Payments Race
The bidding war for Apple Card is just one example of the escalating competition among traditional networks and modern fintech players to gain prominence within the world's largest transactional ecosystems. These partnerships represent more than just processing fees—they are strategic footholds in ecosystems that control user data, engagement, and long-term financial behavior.
As consumers increasingly use digital wallets and embedded financial tools, control over the card infrastructure becomes a critical lever for growth. For companies like Visa, Mastercard, and American Express, securing deals like Apple Card ensures visibility and transaction volume at scale.
For fintechs, the path to similar prominence requires creative deal-making. A recent example is Klarna’s arrangement with Walmart, where the buy-now-pay-later provider reportedly offered 15.3 million stock warrants—valued at approximately $500 million—to become the preferred provider for Walmart’s fintech arm, OnePay.
These kinds of arrangements reveal a new form of partnership currency—one where equity, capital commitments, and exclusive integrations are traded in pursuit of long-term placement.
Visa’s Strategy Reflects the Evolution of Card Partnerships
Visa’s willingness to offer $100 million upfront for the Apple Card relationship signals how valuable flagship programs have become. While Visa and Mastercard dominate the card network industry, opportunities to attach their infrastructure to highly visible consumer programs are increasingly rare.
The Apple Card partnership offers not only transactional volume but brand association with one of the world’s most trusted consumer brands. Additionally, it gives Visa a route into the iOS ecosystem, where payment behavior is increasingly driven by Apple Pay, Face ID authorization, and seamless integration into apps and devices.
In this context, the upfront payment is not just a financial inducement—it’s an investment in platform presence. For Visa, the goal isn’t just acquiring transactions, but embedding itself more deeply into the everyday habits of millions of iPhone users.
What’s Next for Apple and Its Card Ecosystem?
Apple’s next move will be closely watched across the financial and technology sectors. Whether it partners with Visa, American Express, or remains with Mastercard, the decision will signal how Apple intends to evolve its position in consumer finance.
The Apple Card has been positioned as more than just a credit product. With daily cash rewards, instant approval, and deep integration into the Apple Wallet, it represents a key node in Apple’s vision of a seamless, all-in-one financial interface. Any changes to the issuer or network will need to preserve the user experience while aligning with Apple’s brand values around security, transparency, and simplicity.
If Apple selects a new partner, that firm will gain a foothold in one of the most tightly controlled and influential digital environments on the planet.
Fintech’s Expanding Role in Strategic Financial Infrastructure
This ongoing race for strategic partnerships also reflects how fintech continues to reshape the financial services sector—not just through product innovation, but through its influence on the infrastructure of money movement. Apple is a technology company with an increasingly powerful fintech arm. The firms vying for its partnerships know that access to its ecosystem is access to the future of consumer finance.
Visa’s bid is a sign of the times. Financial infrastructure companies—networks, issuers, embedded finance platforms—are no longer operating behind the scenes. They are aggressively positioning themselves at the front of the value chain, aligning with brands, platforms, and ecosystems that shape how people earn, spend, and save.
As Apple weighs its options, the outcome will reflect more than a contract change. It will shape the power dynamics in the next chapter of consumer finance.
