Chase Set to Take Over Apple Card Portfolio from Goldman Sachs
JPMorgan Chase is poised to assume control of the Apple Card program, marking a significant shift in one of the most prominent partnerships between Big Tech and Wall Street. The move follows Goldman Sachsβ strategic retreat from consumer finance after facing profitability and regulatory challenges in its retail banking push. For Chase, the deal strengthens its dominance in credit cards and deepens its relationship with Appleβs vast ecosystem of users. Apple, meanwhile, secures a partner with greater scale and operational experience in consumer credit. The transition could lead to changes in underwriting, rewards, and long-term product expansion. More broadly, the development underscores the rising costs and complexity of embedded finance for banks without sufficient scale. It also signals a consolidation phase in big-brand fintech partnerships.
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I want to talk about what agentic commerce actually changes in the reseller payment model.
In the traditional Online Travel Agent (OTA) reseller setup, payments are effectively a two step flow. Money moves from the traveller to the OTA, and then from the OTA to the travel supplier. The OTA, as Merchant of Record, controls the booking journey, the checkout, the payment experience, and all the optimisation around it.
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Agentic commerce breaks that symmetry.
With an AI agent sitting between the traveller and the OTA, the first leg of the payment flow changes. The OTA still settles with the supplier as before, but the traveller no longer interacts directly with the OTA checkout. They interact with their AI agent.
For this to work, OTAs will need to expose booking and pricing data via APIs and adapt their checkout and payment infrastructure so an AI agent can complete the flow on the travellerβs behalf. Once a traveller selects a booking recommended by the AI agent, they authorise payment. The agent then uses a tokenised payment credential, if previously registered, and programmatically moves through checkout, triggering authentication like 3DS and fraud checks via the OTAβs existing payment partners.
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From a payments perspective, this is a big shift.
Even though the OTA remains the Merchant of Record, it loses direct control over the end to end booking and payment experience. Historically, that control has been one of the core advantages of the reseller model. It is where OTAs optimise conversion, introduce alternative payment methods, upsell FX services like DCC or MCP, and recover failed payments through smart retries and user prompts.
In an agentic setup, if a payment fails, the conversation happens between the traveller and their AI agent, not the OTA. That creates real risk of lost bookings, reduced recovery rates, and missed revenue opportunities tied to payments and FX.
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At the same time, there is a clear upside.
By opening inventory and checkout flows to AI agents, OTAs unlock a new distribution channel. If they do not do this, those same AI agents will likely source similar content from other providers anyway. In that sense, supporting agentic commerce becomes defensive as much as it is opportunistic.
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Agentic commerce does not remove the reseller model. But it quietly erodes one of its biggest advantages: ownership of the customer journey at checkout. OTAs that recognise this early and redesign their payment, API, and optimisation layers for an AI mediated world will be in a much stronger position than those treating this as just another front end change.
Curated News
π³ Payments
Clover Launches Identity-Based Payments to Redefine Checkout
Fiserv-owned Clover has introduced identity-based payments that allow consumers to pay using secure digital identities rather than cards or devices. The approach aims to reduce fraud while streamlining checkout across in-store and online channels, signaling the next phase of authentication-led payments innovation.
Source
Volante Unveils Low-Code Studio to Simplify Bank Payments Modernisation
Volante Technologies has launched a low-code development studio designed to accelerate payment system implementation and regulatory compliance for banks. The platform reduces reliance on custom builds, helping financial institutions modernise faster while lowering cost and operational risk.
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PXP Expands Payments Infrastructure via Stablecoin Partnership
Payments firm PXP has entered a stablecoin-focused partnership to enhance cross-border payment capabilities. The move reflects growing demand for faster, always-on settlement infrastructure and highlights how stablecoins are becoming embedded in mainstream payments stacks.
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π¦ Banking
Starling Bank Shares Simple Savings Habit with Big Impact
Starling Bank has promoted a straightforward money habit that it claims can help customers save an average of Β£1,600 annually. The initiative reinforces Starlingβs positioning as a digital bank focused on financial wellbeing and behavioral nudges rather than complex products.
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UK Credit Union Upgrades Member Experience with Glia
A UK credit union has rolled out a new digital member experience powered by customer interaction platform Glia. The upgrade aims to blend human support with digital channels, reflecting how even smaller financial institutions are investing in modern engagement technology.
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Trump-Linked World Liberty Financial Seeks Trust Bank License
World Liberty Financial, a firm linked to former U.S. President Donald Trump, has applied for a license to launch a trust bank. The move highlights continued interest from politically connected entities in regulated financial infrastructure, raising potential governance and regulatory scrutiny.
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π‘ Fintech
Hapax Launches Free AI Certification for Bankers
Hapax has introduced a free AI certification course aimed at upskilling banking professionals. The program reflects accelerating demand for practical AI knowledge as financial institutions embed machine learning across operations and decision-making.
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Indian EdTech Fintech Varthana Secures $6m from WaterEquity
Indian fintech Varthana has raised a $6 million loan from impact investor WaterEquity to expand financing for affordable private schools. The deal highlights continued investor interest in fintech models that combine financial returns with social impact.
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Malaysiaβs PayNet Backs 50 Fintechs in 2025
Malaysiaβs national payments network PayNet supported 50 fintech companies throughout 2025 via partnerships and infrastructure access. The effort underscores the role of public-sector payment operators in nurturing domestic fintech ecosystems.
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πͺ Crypto
Fireblocks Acquires TRES for $130m to Strengthen Crypto Tax Compliance
Fireblocks has acquired crypto tax and accounting platform TRES in a $130 million deal. The acquisition reflects rising institutional demand for compliance-ready digital asset infrastructure amid tighter global regulation.
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JPMorgan to Bring Deposit Token Natively to Canton Network
JPMorgan plans to deploy its deposit token directly on the Canton Network, advancing the use of tokenised bank money in institutional markets. The move signals growing confidence in permissioned blockchain infrastructure for real-world financial use cases.
Source
Stablecoin Transactions Jump 72% to $33 Trillion in 2025
Global stablecoin transaction volumes surged 72% in 2025, reaching $33 trillion. The growth highlights stablecoinsβ expanding role in payments, remittances, and crypto trading despite ongoing regulatory uncertainty.
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Crypto Markets Cool as Bitcoin Signals βDeath Crossβ
Bitcoin remains range-bound after forming a technical βdeath cross,β signaling potential bearish momentum. Analysts note cooling sentiment across crypto markets as traders await clearer macro and regulatory signals.
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Polygon Nears Acquisition of Bitcoin Kiosk Firm Coinme
Ethereum scaling network Polygon is reportedly close to acquiring Coinme, a U.S.-based bitcoin kiosk operator. The deal would mark a strategic push into physical on-ramps, bridging traditional cash access with crypto ecosystems.
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SharpLink Stakes $170m of ETH on Linea Network
Ethereum treasury firm SharpLink Gaming has staked $170 million worth of ETH on Consensys-backed Linea. The move highlights the growing sophistication of corporate crypto treasury strategies and Layer 2 adoption.
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Babylon Raises $15m from a16z to Expand Bitcoin Staking
Bitcoin staking protocol Babylon has secured $15 million in funding from a16z Crypto. The investment underscores continued venture interest in extending yield and security models to the Bitcoin ecosystem.
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π WealthTech
Broadridge Invests in DeepSee to Apply Agentic AI in Post-Trade
Broadridge Financial Solutions is investing in DeepSee to deploy agentic AI across post-trade operations. The partnership aims to improve automation, exception management, and operational efficiency in capital markets infrastructure.
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Bitget TradFi Sees $2bn Daily Volume Amid Gold Trading Surge
Bitgetβs TradFi platform recorded over $2 billion in daily trading volume, driven by heightened interest in gold-linked products. The spike illustrates renewed investor appetite for safe-haven assets amid market volatility.
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βοΈ Regulation
South Koreaβs Bank-Led Stablecoin Plan Faces Scrutiny
South Koreaβs proposal for a bank-led stablecoin initiative has raised concerns among policymakers and industry observers. Critics warn about competition, systemic risk, and the balance between innovation and regulatory control.
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π¦ Other
JD.com Weighs $1.4bn Bond Sale
Chinese e-commerce giant JD.com is reportedly considering a $1.4 billion bond issuance. The move would support refinancing and growth initiatives amid tighter capital markets and ongoing pressure on Chinese tech firms.
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