Visa has proposed around $100 million to Apple to acquire the partnership for credit card issuance previously held by Mastercard, according to The Wall Street Journal.

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

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

Goldman Sachs ventured into 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, setting aside billions to cover potential losses.