In a significant shakeup for the fintech landscape, Apple has announced that JPMorgan Chase will become the new issuer of the Apple Card, replacing current partner Goldman Sachs.
This move marks a definitive end to Goldman’s ambitious, yet costly, foray into consumer banking, which failed to yield the expected returns. Meanwhile, for JPMorgan, this deal cements its dominance in the credit card market.
Apple expects the migration process to take approximately 24 months, ensuring a seamless transition for users without immediate service interruptions. While the core card benefits are likely to remain similar during the switch, this partnership highlights the evolving, high-stakes relationship between Silicon Valley tech giants and traditional Wall Street finance.
Leave a Reply