Visa Aims to Replace Mastercard as Apple’s New Credit Card Partner

Visa has reportedly offered Apple Inc. $100 million to become its new credit card partner, effectively replacing Mastercard and taking over the issuance of the Apple Card. This move comes as Goldman Sachs, which currently handles the card program, is exiting the consumer lending market due to substantial financial losses. 2023 may see this shift with potential deals made between Visa and American Express, aiming to challenge Mastercard’s long-standing network role for the Apple Card.