Details
Written by: RJ
According to the Wall Street Journal, Apple is looking to not only replace Goldman as the banking part but also swap out to a new payment network.
Both American Express and Visa are vying to replace Mastercard as Apple’s card services provider, while Mastercard is aiming to retain its position. Apple apparently plans to choose a new Apple Card network before it selects a partner to replace Goldman Sachs as the Apple Card’s issuing bank, and competition is intense. Visa is offering Apple a $100 million upfront payment, while American Express is “in the mix” and Mastercard is “fiercely trying” to retain its role.
Thoughts
Interesting to see American Express in the mix as they don’t support many other products.
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