Apple credit card: Visa and Amex supposedly in direct competition

Apple has apparently found at least two companies that want to take on parts of the tasks for the Apple Card: Both American Express (AMEX) and Visa are arguing According to a report by Wall Street Journal Therefore, to include the iPhone group’s credit card into your network. Apple’s current partner, the Bankhaus Goldman Sachs (GS), has been wanting to come from the long -term contract for several years due to a minus business, but a new partner would first have to be found. GS is currently using MasterCard as a payment network for the Apple Card, which is still only available in the USA.

First payment network, then bank?

According to Wall Street Journal, Visa should be willing to pay $ 100 million to the payment network for the credit card, which is available directly on the iPhone, the Apple Watch and the Mac. AMEX attempts to replace Mastercard, it was said. There is a “hard fight” between the networks. However, this does not mean that Apple would have found a direct replacement for Goldman Sachs. Apple also needs a new bank partner – or the group itself becomes a bank, although it is unclear whether it has planned to do so, since a license process would then have to be passed through and the internationalization problem is not solved.

Apple wants to first select the network in front of the new bank partner – although Amex is also said to have offered the card directly. In contrast to Visa (and Mastercard), the company can do this because it also acts as a so -called “issuer” including the necessary bank infrastructure and often markets its cards directly. GS is said to have started initial negotiations with Amex – but as early as 2023. A direct takeover did not result in this.

Internationalization is still pending

The credit card networks are very interested in the Apple Card because it promises comparatively high sales. Apple had started a rather customer -friendly program with his credit card, so the card lacks the map of the numerous fees of other offers – the interest is still typically high. It is unclear whether the tariff with a new bank partner would be preserved. For customers, the Visa network at the Apple Card would probably have the best possible starting point-it is most widespread worldwide, behind or immediately with MasterCard. Amex, on the other hand, is accepted much less often, even if the credit card editor tries with advertising programs to convince even smaller dealers.

Possible banks that could replace GS at the Apple Card are JPMorgan Chase and Synchrony Financial, the large credit card editor Captal One is said to have been interested. Goldman Sachs had promised Apple quickly internationalization, but did not implement it. Instead, there were billions in losses.