Apple Card: Amex and Visa in fierce competition for next partnership

Apple Card, the popular payment system launched in 2019, may have hit a roadblock with Apple’s decision to exit the financial market. However, it seems that other big players are vying to take its place. According to rumors, both VISA and American Express are interested in acquiring the Apple Card service.

The Wall Street Journal reports that VISA is even willing to shell out nearly $100 million to secure the Apple Card system and its user base. While no official details have been confirmed by either party, it’s clear that there is a fierce competition brewing behind the scenes.

To refresh your memory, the Apple Card was a collaboration between Apple and Goldman Sachs, utilizing the Mastercard payment network. It was designed to provide a simple and secure payment solution for Apple device users.

However, with Goldman Sachs planning to exit the financial market, Apple is now dissolving the platform. But not without attracting interest from VISA and American Express, who seem eager to snatch up the business opportunity.

In addition to these two contenders, American Express, JPMorgan Chase, and Synchrony Financial are also reportedly willing to invest in acquiring the platform. Unfortunately, the details of their potential offers remain unknown.

American Express, in particular, sees great value in becoming the payment entity for the Apple Card network, enabling users to make payments more quickly and conveniently. Meanwhile, Mastercard, the current payment network used by Apple Card, aims to maintain its position.

The interest in the Apple Card platform is not unfounded. After all, it boasted nearly 12 million customers last year alone. This indicates a significant revenue potential, especially when combined with the dedicated partnership between Apple and its devices.

It remains to be seen which company will ultimately secure the Apple Card service. However, with such fierce competition and the potential for lucrative returns, it’s clear that this is a battle worth watching.

Background Information

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About Apple:

Apple Inc., known for its iconic products, was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976. The company has since revolutionized the technology landscape with innovations like the Macintosh computer, iPod, iPhone, iPad, and more. for its emphasis on design, user experience, and ecosystem integration, Apple's devices and software have made a profound impact on various industries. With a commitment to quality and innovation, Apple remains a global technology leader.

  

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