CONFIRMED: Apple Moves Away From Payment Card Manager Discover

A Discover Financial Services DFS representative gave a statement to Benzinga clarifying its payment card network's role in Apple Inc. AAPL Apple Cash digital payment cards service.

What Happened: A Discover spokesperson told Benzinga that while the company "is proud of our involvement in bringing the Apple Cash functionality to market in collaboration with Apple in 2017," it "will no longer be the payment network for Apple Cash."

See Also: Apple Stock Forecast

Discover notes that it will "remain committed to the many initiatives and programs that we work with Apple on to deliver value to our shared customers,” suggesting potential collaborations to follow in the future.

The comment follows reports of Apple suddenly starting to show the Visa Inc. V logo on newly generated Apple Cash cards last week.

Up to that point, Apple was creating Apple Cash virtual debit cards on the Discover network thanks to a partnership with the Green Dot Corporation GDOT, but now new cards are generated on the Visa network and bear its logo.

While it is unclear whether Apple plans to reissue all Discover cards as Visa-branded ones, any user can force the transition by deactivating Apple Cash in settings and reactivating it again.

DFS Price Action: Discover shares were down 1.86% at $107.49 Wednesday morning.