Key Insights
- Visa’s proposal for Apple Card includes a substantial pre-payment—a financial gesture typically associated with the largest card programs.
- Competitors like American Express are also making moves, aiming to supplant Mastercard and gain a foothold in the lucrative Apple Card ecosystem.
- American Express is reportedly interested in becoming the issuer and network provider for the Apple Card.
- The partnership between Goldman Sachs and Apple, which began in 2019 with Mastercard handling payments, came to a halt as of November 2023. This ended collaboration leaves a vacancy that numerous financial firms are eager to fill, highlighting the dynamic financial engagements surrounding Apple.
Potential Developments To Watch
Apple’s talks with Barclays and Synchrony Financial, as reported in January by Reuters, signal ongoing negotiations in this space. Furthermore, JPMorgan Chase continues discussions with Apple, striving to partner in this coveted arena.
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Goldman Sachs, which ventured into the consumer markets nearly a decade ago, sought to diversify revenue streams beyond its traditional forte of commercial and investment banking. By the close of 2022, the bank had pulled back on its retail ambitions, having allocated billions to mitigate potential losses.
