Visa has made a $100m bid to replace Mastercard as Apple’s credit card partner, in a bold attempt to secure a lucrative deal with the tech giant.

According to a report in the Wall Street Journal, Visa has offered Apple an upfront payment, typically reserved for the largest card programs, in an effort to win the Apple Card partnership.

The move comes as American Express also vies to unseat Mastercard, with ambitions to become both the issuer and network for the Apple Card.

The development follows the end of Goldman Sachs’ alliance with Apple, which launched their credit card partnership in 2019 with Mastercard as the payment processor.