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

This move is part of Visa's efforts to gain rights to the Apple Card by offering an advance typically reserved for the largest card programs. The American payment giant also faces 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 firms 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 in an attempt to expand its revenues beyond trading and investment banking. However, by the end of 2022, the company decided to scale back its retail ambitions, setting aside billions of dollars to cover potential losses.