Visa Allegedly Makes a Bid to Unseat Mastercard as Apple Card's Partner

Looks like Visa is trying to woo the Apple Card away from its current network, Mastercard. The Wall Street Journal reported Wednesday that Visa offered Apple $100 million to take over its payment network. Visa and Mastercard are the two largest payment networks and are widely accepted worldwide. The bid comes amid Apple's long breakup with Goldman Sachs, its current issuer, which has pulled back from consumer lending. Goldman indicated it could end its relationship with the tech giant before the contract ends in 2030. Credit card networks like Visa and Mastercard process transactions, taking care of what goes on behind the scenes and ensuring transactions are secure. Issuing banks like Goldman Sachs handle more of what the consumer sees, like deciding a card's interest rates and benefits. Apple is looking for a new card issuer and has reportedly been in talks with Barclays, Synchrony Financial and Chase. However, Apple wants to first line up its payment network, according to the Wa ... Read full article.