The media published information according to which Visa offered Apple about $100 million for the acquisition of this technology giant’s credit card business, which is held by Mastercard.
The mentioned offer was recorded at a time when Visa’s competitor American Express was also attempting to win the Apple card business. At the same time, Mastercard is fighting to keep the mentioned business. The relevant information was published by the media with reference to anonymous insiders last Tuesday, April 1.
A Visa spokesperson told reporters in a comment that the payment industry giant does not comment on rumors or speculation.
The Apple card business is currently in play. This is because Goldman Sachs, which is behind the mentioned business, is exiting the consumer lending sector.
Apple is still looking for a new bank. At the same time, according to media reports, the technology giant plans to initially select a payment network.
Payment networks compete for Apple’s mentioned business not only because in this case it means one of the largest co-branded credit card programs with about $20 million in balances. Also, a very important factor is that the technology giant’s role in the payments of many consumers and other financial needs is increasing.
Apple introduced its credit card in 2019 in conjunction with Goldman Sachs. At that time, the main features of the credit card were no fees, daily cash-back rewards, and the ability to sign up for this product with the iPhone in the Wallet app. It is also worth noting that in this case, consumers could get the card straight to the smartphone within a few minutes.
As we have reported earlier, World Network Plans to Add Visa Card Functionality.
