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After extensive negotiations, JPMorgan Chase is set to take over the Apple credit card program from Goldman Sachs, which involves approximately $20 billion in balances. Disputes over financial protections and profitability have delayed the agreement, with both banks considering walking away from the deal.
JPMorgan Chase is reportedly in advanced discussions to take over Apple's credit card program, marking a shift from its current partner, Goldman Sachs. The negotiations have intensified over recent months, with Apple favoring JPMorgan as its new card partner.
Visa has proposed a $100 million bid to replace Mastercard as Apple's credit card partner, according to reports from the Wall Street Journal. This substantial offer is part of Visa's strategy to secure a prominent role in Apple's financial services, as competition intensifies in the credit card market.