Visa has proposed approximately $100 million to Apple to take over the credit card partnership from Mastercard, according to The Wall Street Journal.

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

Goldman Sachs and Apple, who began their collaboration in 2019 with Mastercard for payment processing, ended this partnership in November 2023. Now several financial companies are looking to replace Goldman as the card issuer partner for Apple. According to Reuters, Apple has been in talks with Barclays, Synchrony Financial, and JPMorgan Chase since last year.

Goldman Sachs entered the consumer business nearly a decade ago in an attempt to diversify its revenue beyond trading and investment banking. However, by the end of 2022, the company decided to scale back its retail ambitions, allocating billions of dollars to cover potential losses.