The Apple Card drama continues this year as Goldman Sachs is still actively looking for a way out of its partnership with the company. But before that happens, the Cupertino-based tech giant needs to find a new payment network partner first.
The latest reports claim that three companies, namely Visa, American Express, and Mastercard, are already in talks with Apple to offer their services for the fintech feature.
Apple Card's Next Partner: Visa, Amex Mastercard For Network
A new report from The Wall Street Journal shares massive developments regarding the Apple and Goldman Sachs breakup saga, which has been openly known to the public for several years now. In this latest development, it was revealed that Apple is now receiving different offers from two companies to replace the service's current payment network, which is Mastercard.
In its current setup, Apple is partnered with Goldman Sachs as its issuer, and it also runs the transactions via Mastercard's network.
However, two companies, which include Visa and American Express, are looking to be Apple's next partner for the fintech service. Visa has reportedly already given Apple an "aggressive pitch" to win the business and replace Mastercard as the payment network, leveraging an upfront payment of $100 million.
On the other hand, American Express is pitching to be the all-in-one partner for Apple as it offers to both be the issuer and payment network, replacing both Goldman Sachs and Mastercard.
Lastly, Mastercard is still in the fight and is convincing Apple to retain their partnership and is also looking to explore integrating the Fincity platform into the service.
Goldman Sachs Would Have to Wait For Apple's New Partner
According to 9to5Mac, this search for a new payment network is integral before Apple officially breaks up the relationship and setup it has with Goldman Sachs.
The search for a new partner bank that will serve as Apple Card's issuer will only happen if it already finds a new payment network partner.
The Apple Card and Its Goldman Sachs Fiasco
Almost six years ago, Apple made a significant venture into the world of fintech that expanded on more than in-app purchases as it launched a credit card service called the Apple Card with Goldman Sachs. However, more than three years later, Goldman Sachs reportedly shared that it lost $1 billion on this venture with Apple and is looking for a way out to stop it from bleeding out more funds.
Further reports claimed that the feeling was mutual as the Cupertino-based tech giant is also on the same page as Goldman Sachs and is not adamant in keeping the financial institution bound to their contract, with Apple allegedly offering them a way out. In the past years, there have been talks from both Apple and Goldman Sachs ending their partnership, and the bank looks to pass it off to American Express.
Despite this dwindling relationship between Apple and Goldman Sachs, the Apple Card service is as popular as ever, making it among the top used fintech options available in the market.
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