Visa (V) has proposed $100 million to Apple (AAPL) in a move to take over network operations on the Apple Card from Mastercard (MA), The Wall Street Journal reported Tuesday, citing unnamed people familiar with the matter.

Before choosing a new issuing bank to succeed Goldman Sachs (GS), which is stepping back from retail lending, Apple plans to first select a card network, according to the report.

Visa's bid includes an upfront payment similar to one it reportedly made to secure the Costco (COST) card program.

Mastercard is trying to maintain its current role in the arrangement, while American Express (AXP) is seeking to serve as both the card issuer and processor, the WSJ quoted the sources as saying.

Visa, Apple, Mastercard, American Express, and Goldman Sachs did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)