The financial giant behind the Apple Card is changing, but users are unlikely to see any big changes.

With the shift from Goldman Sachs to JPMorgan Chase regarding Apple Card operations, there are expected to be few noticeable changes for users.

Goldman Sachs has been utilizing a fintech payment processing firm, CoreCard, to handle the Apple Card business, according to reports. However, if JPMorgan takes the reins, it may decide to phase out CoreCard in favor of its own payment processing capabilities. CoreCard, before managing an estimated 12 million Apple Card accounts, was a relatively niche processor.

Currently, CoreCard oversees day-to-day operations of the Apple Card, including transaction processes and user billing. They also collaborated with Apple to develop unique features, like the billing cycle.

Additionally, CoreCard created an informative “payment wheel” graphic for statements, showing cardholders anticipated interest costs, which has been well-received. Once Goldman Sachs exits the consumer market, JPMorgan Chase will fully take on the responsibility for Apple Cards.

For users of the Apple Card, these adjustments might feel minor. Goldman Sachs has announced its plans to exit the consumer credit sector in 2023. I remember getting my Apple Card back in 2019.

There is no change in the short term

Since JPMorgan Chase already has its payment processing system, the owner of CoreCard, Richard Strange, speculates that Apple Card processing may transition entirely to JPMorgan’s system, leaving CoreCard behind.

This migration signals a significant loss for CoreCard. When Goldman first revealed its withdrawal from consumer lending earlier in 2023, CoreCard’s shares plummeted by around 70%.

Although the stock has regained some value, the shift still led to CoreCard being sold to Euronet, which primarily provides debit card processing services in Europe and Asia.

It’s uncommon for JPMorgan to implement major changes in client management during such transitions.

Features like CoreCard’s billing cycles and visual payment option presentations have been popular among users, suggesting that new features may develop gradually.

As of now, JPMorgan hasn’t disclosed any upcoming plans for the Apple Card. Euronet’s acquisition of CoreCard was valued at $248 million in stock trading.