Visa has offered Apple approximately $100 million to replace Mastercard in their credit card partnership, according to The Wall Street Journal.

This move is part of Visa's efforts to gain control over the Apple Card by presenting an advance typically reserved for major card programs. Meanwhile, Visa is also facing competition from American Express, which seeks to act both as the card issuer and payment network.

Goldman Sachs and Apple, who began their collaboration with Mastercard in 2019 for payment processing, ended this partnership in November 2023. Now, several financial institutions are looking to replace Goldman as the credit card issuer for Apple. According to Reuters, Apple has been in discussions with Barclays, Synchrony Financial, and JPMorgan Chase since last year.

Goldman Sachs ventured into consumer business nearly a decade ago to broaden its revenue sources beyond trading and investment banking. However, by the end of 2022, the company decided to scale back its retail ambitions, allocating billions to cover potential losses.