JPMorgan Chase has reached a deal to take over Apple Pay, Apple’s credit card program from Goldman Sachs, reports The Wall Street Journal, quoting unnamed “people familiar with the matter.” And Apple has confirmed it’s true.
The biggest bank in the country will become the new issuer of the tech-giant’s credit card, one of the largest co-branded programs with some $20 billion in balances, in a deal that has been negotiated for more than a year, the article says. In January 2025, it was reported that the Apple/Goldman Sachs partnership which began on 2019, was on its last legs. Why? Goldman Sachs decided to exit the consumer lending world.
JPMorgan Chase won a heated battle. It’s been reported that Visa, American Express, and Mastercard all wanted to nab Apple’s credit card business.
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