Visa Offers $100M to Replace Mastercard as Apple Card’s Payment Network; American Express in the Mix

Visa, Mastercard, and American Express are having a tug-of-war over whose network will get to provide the back-end plumbing for the Apple Card. 

That’s not exciting, I know, but here’s the kicker: Wall Street Journal published that Visa reportedly offered Apple a staggering $100 million to abandon Mastercard and join its ranks. 

That’s not a casual offer — it’s the kind of money Visa sets aside for offers to giants like Costco.

When the Apple Card came along in 2019, it looked like the height of credit fashion.

Who wouldn’t want a metal card, cash back every day, and an interface that did not require an economics degree?

But now the program is stalled. Goldman Sachs, the bank that backed Apple’s foray into the sector of credit cards, is applying the brakes. 

And that’s got the entire financial landscape lining up to take over.

Meanwhile, JPMorgan Chase and Synchrony are standing by, poised to take Goldman’s place as the new issuer. 

Apple is yet to decide, but sources suggest the tech giant is poised to choose a new payment network before enlisting its next bank partner.

Let’s get real — credit cards are a cash cow, and the Apple Card is more like a prize bull than a barnyard regular. 

The card has approximately $20 billion in balances, making it one of the heavyweight co-branded cards.

It’s not all about payment fees, however. The bigger concern is Apple’s growing hold on consumers’ money. 

Apple Wallet, Apple Pay, and now savings accounts are turning the company into a mini financial hub. 

“Apple is increasingly the epicenter of many consumers’ financial lives,” said one executive involved in the talks.

Whoever is behind the scenes servicing the Apple Card gets front row to Apple’s next move within fintech. No one wants to be excluded.

Mastercard, the network currently handling the card, is struggling to remain on board. 

It’s even said to be proposing a means of integrating deposit account information into Apple’s platform through the use of Finicity technology, one of its latest fintech buys.

The Apple Card is now the hottest ticket in town and the scramble to get it reflects a broader shift throughout the payment and credit card landscape. 

For payment companies Visa and Mastercard, the conflict isn’t volume — it’s access.

Apple is increasingly becoming a gatekeeper when it comes to consumer finance, and whoever provides the Apple Card will be best positioned to dictate where fintech is going.

This trend also mirrors how incumbent players are reacting to the growing presence of Big Tech. 

Instead of competing against Apple as an adversary, banks and networks are now maneuvering to align with Apple. 

Everyone recognizes the value of tighter integration with Apple’s financial ecosystem — not just for profit, but just to be relevant.

“The network that locks in this deal is expecting to stay close to Apple’s future payments efforts,” said a knowledgeable source.

American Express, keen to be a network and issuer, is trying to take more control. 

Mastercard is fighting back with integration tools. Visa is putting down cash. That kind of access could shape how other tech-forward cards are built — and who gets to build them.

Apple is not alone in wanting a slice of the pie when it comes to money. 

Google and Amazon are doing the same, and this is driving the old banks to be allies (or rivals) of tech companies. 

That “frenemy” relationship is no myth. They’d rather stay close to Apple than risk being shut out of future innovations.

Visa, Amex, and Mastercard all picture the Apple Card differently. For one, Amex would prefer to be the network and the issuing bank of the card. 

That would place it in charge and would allow it to incorporate some of those upscale Amex-style benefits into the Apple Card. 

Visa sees Apple Card as a gateway to broader influence in digital wallets, while Mastercard views it as a cornerstone relationship it can’t afford to lose. 

For now, all eyes are on Apple as it quietly decides which partner will help shape the next frontier of digital payments.