Visa has proposed around $100 million to Apple to take over the partnership that was held by Mastercard, according to The Wall Street Journal.

This initiative is part of Visa's efforts to secure the rights to issue 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 aims to become both the card issuer and the payment network.

Goldman Sachs and Apple, who began working with Mastercard in 2019 for processing payments, ended this collaboration in November 2023. Now, several financial companies are looking to replace Goldman as the credit card issuer 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, trying to expand its revenues beyond trading and investment banking. However, by the end of 2022, the firm decided to scale back its retail ambitions, allocating billions to cover potential losses.