JPMorgan Chase will assume issuing duties for Apple Card within 24 months under a renewed agreement that keeps Mastercard as the card's exclusive payment network, Mastercard disclosed during its February 2026 earnings call.
The issuer swap from Goldman Sachs to JPMorgan leaves Mastercard's network position intact while shifting credit risk to a bank with established consumer lending operations. Mastercard processed 70% of its global transactions through its own switch infrastructure in Q4 2025, up 10 percentage points since 2020, giving it direct visibility into Apple Card spending patterns.
Tokenization now handles 40% of all Mastercard transactions as of Q4, up from negligible levels three years ago. Digital wallet payments—where Apple Card exclusively lives—depend on tokenized credentials that replace static card numbers with dynamic tokens. This infrastructure layer generates network-linked value-added services revenue, which grew at high-teens rates organically in 2025.
Mastercard's Q4 cross-border volume jumped 17% year-over-year in currency-neutral terms, outpacing domestic payment growth of 8%. The company attributed the gap to international pricing power and transaction mix, partially offset by below-average FX volatility that reduced foreign exchange conversion fees.
The Apple Card renewal accompanies other US issuer shifts: Capital One will route a "large portion of newly acquired credit accounts" to Mastercard's network following its $35 billion Discover acquisition, announced in early 2025. Barclays renewed US co-brand programs during the same quarter.
Contactless penetration hit 77% of in-person switched purchases globally in Q4, up 5 percentage points year-over-year. This migration to tap-to-pay terminals supports tokenization adoption, as contactless credentials typically deploy tokens rather than magnetic stripe data.
Mastercard repurchased $3.6 billion in shares during Q4 and an additional $715 million through January 26, 2026. The company's switched transaction volume grew 10% year-over-year while net revenue climbed 15%, with acquisitions contributing 1 percentage point to the top-line gain.
Commercial card volume—13% of total gross dollar volume—grew 11% in local currency terms for full-year 2025, driven by partnerships with WEX, Barclays, and new entrants like Coupa's virtual card platform that connects millions of procurement buyers to suppliers.