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1 Jul, 2023
1 min time to read

Goldman Sachs reportedly intends to end its partnership with Apple on the Apple Card, and talks are underway for American Express to take its place, according to sources cited by The Wall Street Journal.

The Apple Card, launched in 2019, has been backed by Goldman Sachs from the beginning. However, Goldman Sachs is now seeking to exit the partnership, which would potentially lead to a shift in the card issuer from Mastercard to American Express.

While the negotiations are still ongoing, the deal with American Express is not guaranteed at this stage. Apple would need to agree to the new partnership for it to proceed. It is worth noting that the transition to American Express as the card issuer could impact the acceptance of the Apple Card.

Currently, Apple Cards are issued by Mastercard, which has widespread acceptance at most retailers across the United States. American Express, while having an expanded reach in recent years, may still have slightly less acceptance compared to Mastercard.

Apple has been expanding its financial services offerings, including the introduction of its Pay Later service, which allows users to make purchases and pay them off over time. While Apple's own financial division handles the lending side of Pay Later, the company has been working with Mastercard and Goldman Sachs to enable the program. However, if the partnership between Goldman Sachs and Apple ends, it remains to be seen how this would impact the existing collaboration on Pay Later.