Apple is apparently in talks with JPMorgan Chase for a partnership with Apple Card, according to The Wall Street Journal.
The Cupertino-based company will be breaking away from Goldman Sachs in their Apple Pay partnership, and it seems that JPMorgan is next in line. The report says that a final deal could still be months away, although discussions have reached rapid development as the two parties negotiate an agreement that suits them. The WSJ believes that Chase is interested in concessions for the deal, including a payment of approximately $70 billion for Apple Card users’ outstanding balances and altering synchronized billing cycles that caused customer service problems.
Aside from JPMorgan Chase, Apple also held discussions with other financial institutions, including Capital One and Synchrony Financial in hopes of them replacing Goldman Sachs in the Apple Pay service. Goldman Sachs has spoken with American Express as the exit nears.
