NEW YORK CITY (dpa-AFX) - Apple is in talks with JPMorgan Chase to take over its credit card program. Apple wants JPMorgan to replace Goldman Sachs, which currently runs the program. The two companies have been discussing the deal since early last year, and talks have picked up speed recently, the Wall Street Journal reported citing people familiar with the matter.
However, the deal isn't final yet. There are still some challenges that could stop it from happening.
Apple has been trying to find a new partner for the credit card for at least two years. Besides JPMorgan, Apple and Goldman have also spoken with other big banks like American Express, Capital One, and Synchrony Financial, as well as some fintech companies and private lenders.
Meanwhile, there's also competition between payment networks. Visa reportedly offered Apple around $100 million to switch from Mastercard to Visa for the Apple Card.
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