Visa has reportedly offered Apple approximately $100 million to take over the partnership for credit card issuance from Mastercard, as reported by The Wall Street Journal.

This is part of Visa's efforts to secure rights to the Apple Card by providing an advance typically reserved for major card programs. The American payment giant is also facing competition from American Express, which aspires to be both the card issuer and payment network.

Goldman Sachs and Apple, who began collaborating with Mastercard for payment processing in 2019, ended that partnership in November 2023. Now several financial firms 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 the consumer business nearly a decade ago to expand its revenue beyond trading and investment banking. However, by the end of 2022, the company decided to scale back its ambitions in the retail sector, setting aside billions of dollars to cover potential losses.