Apple Card drama continues as Visa and Amex try to win Apple’s business

A battle is apparently breaking out among companies looking to get in on the Apple Card business. According to a new report from The Wall Street Journal, Visa, Mastercard, and American Express are all in talks to become the payment network behind Apple Card… As a refresher, Goldman Sachs is the bank that currently backs the Apple Card. Mastercard currently serves as the card’s payment network, helping to transmit information between the bank and the merchant. As has been reported many times, Goldman Sachs is looking for a way out of its deal with Apple after losing billions of dollars on the partnership. But before Apple picks a new bank to replace Goldman Sachs, it needs to select a network for Apple Card. Today’s report from The Wall Street Journal (Apple News+ link) says that both Visa and American Express are “trying to unseat Mastercard” as the payment network that powers the Apple Card. Visa has reportedly made an “aggressive pitch” to win the Apple Card business, sweetening t ... Read full article.