issue 1199 june 2021

ARTICLES IN THIS ISSUE

p4 Global Network Cards

p8 Certegy Brings BNPL to A2A Payments

p8 Top U.S. Banks in Visa Direct and Mastercard Send

p10 Goldman Sachs Chooses Visa for Global Money Transfers

p10 FICO’s Protection for Push Payment Scams

p11 Worldline and Toshiba Partner for Hybrid POS Kiosk

p12 Top Merchant Acquirers in the Middle East and Africa

ISSUE 1199 JUNE 2021

FOR 50 YEARS, THE LEADING PUBLICATION COVERING PAYMENT SYSTEMS WORLDWIDE

PURCHASE TRANSACTIONS (BIL.) IN 2020

Global Network CardsPurchase transactions on global general purpose card brands (American Express, Diners/Discover, JCB, Mastercard, UnionPay and Visa) totaled 467.65 billion in 2020, up 6.0% YOY.

Read full article on page 4

BILLIONS IN 2020 VS. 2019

2020 2019

16

VISA UNIONPAY MASTERCARD THE REST© 2021 Nilson Report

MARKET SHARES IN 2020

467.65 BILLION

UNIONPAY 32%

VISA 4O%

MASTERCARD 24%

THE REST4%

113

131151

188186

108

16

COVER STORY

Global Network Card ResultsDebit cards held a 61.20% market share of all purchase transactions, up 562 bps. This marks the first time debit’s share exceeded 60% of transactions.p4

Certegy Brings BNPL to Account-to-Account PaymentsBankPay, which launched last year for U.S.-based retailers, supports account-to-account payments from a seller’s ecommerce checkout page. p8

Top U.S. Banks in Visa Direct and Mastercard SendB2C and P2P funds transfers delivered to a recipient’s debit account in 30 minutes or less first became available in 2016 and are now beginning to show significant volumes in the U.S.p8

CONTENTS

PHOTO CREDITS: Cover and back page Sean Driscoll on Unsplash; p2 Ussama Azam (left) Ben Esteves (right) on Unsplash; p5 Jack B on Unsplash

UnionPay credit and debit cards combined generated 32.3% of purchase transactions worldwide, an increase of 257 bps over 2019

Last year the number of near real-time transactions in the U.S. exceeded

1.5 billion

REGULAR FEATURES

p14 Management Changes

p15 Investments & Acquisitions

FEATURED IN OUR UPCOMING ISSUE

Europe’s Global Network Cards—2020Purchase volume, transactions, cards in circulation and other statistics are shown for Visa, Mastercard, American Express and Diners Club.

Goldman Sachs Chooses Visa’s B2B Network The Transaction Banking unit of Goldman

Sachs Bank will use Visa B2B Connect and Direct Payouts for clients making cross-border payments of any size.p10

FICO’s Protection for Push Payment Scams Transactions solicited by fraudsters and authorized by consumers are not always reimbursed by the consumer’s bank.

p10

Worldline and Toshiba Partner for Hybrid POS KioskThe Pro-X Lane/3000 is designed for use by both cashiers and customers at grocery and convenience stores.p11

Middle East and Africa’s Top Merchant AcquirersThe 37 largest merchant acquirers of Visa and Mastercard card payments represented 16 countries. Collectively, they processed 4.11 billion transactions last year.p12

First Look

ADYEN will provide its omnichannel payment platform and local acquiring services to merchants based in the United Arab Emirates.

Sander Maertens is Head of the Middle East, [email protected], www.adyen.com.

XTENSIFI is a boutique digital consulting and software development firm for fintechs, banks and credit unions. The company designs user experiences, builds digital capabilities and handles integration and technical design of digital platforms. Specialties include consumer and business banking, payments, cloud computing, analytics and reporting.

Brandon Kunz is CEO, [email protected], www.xtensifi.com.

BLACKHAWK NETWORK was chosen by the State of California to provide $100 million to two million residents as incentives to start and finish Covid-19 vaccinations. The company will send recipients a redemption code for $50 prepaid cards. They can choose among grocery store chains for redemption.

Talbott Roche is CEO at Blackhawk Network, [email protected], www.blackhawknetwork.com.

EMVCO has updated EMV contactless payment terminal specifications with the addition of IQ demodulation requirements. Modulation refers to the process of transmitting transaction data via a carrier signal between a payment device and payment acceptance terminal. The ability of the terminal to understand a more dynamic format improves transaction speed. The update was published in Specification Bulletin 245 and incorporated into the EMV Level 1 Specifications for Payment Systems, EMV Contactless Interface Specification v3.1.

News in brief on payment industry trends around the world.

PAYNEARME customers will be able to make bill payments at participating Walmart locations effective August 2021. Customers will show a scannable code on their smartphone or printed statement, pay with cash and collect a receipt. Funds are transferred to billers electronically through a single consolidated settlement. The Walmart locations are part of PayNearMe’s partnership with Green Dot, which expands the PayNearMe network to 31,000 retail locations nationwide.

Michael Kaplan is CRO and GM at PayNearMe, [email protected], www.paynearme.com. Brandon Thompson is EVP of Retail, Tax and PayCard at Green Dot, [email protected], www.greendotcorp.com.

ANTELOP offers One Digital Card, a software development kit that lets issuers replace complex multiple integrations with a single, unified digital card integration. Little or no back-end development is required. Features include Video KYC, token manager, NFC issuer wallet and instant issuing.

Timothée Gruner is Chief Commercial Officer, [email protected], www.antelop-solutions.com.

WELLS FARGO will roll out its Active Cash Card, the first in its new suite of Visa cards, next month. The no annual fee credit card provides unlimited 2% cash rewards on purchases. Customers can earn a $200 cash rewards bonus when they spend $1,000 in the first 3 months. APRs vary between 14.99% and 22.99%. Wells Fargo is the eighth largest U.S. credit card issuer.

Krista Phillips is Head of Marketing, Product, Loyalty and Digital for Credit Cards at Wells Fargo, [email protected], www.wellsfargo.com.

SEZZLE has completed proof-of-concept tests of its BNPL credit products with Target. The company received a 3-year contract with the retailer, which is the second largest in the U.S.

Charlie Youakim is CEO at Sezzle, [email protected], www.sezzle.com.

CELERO COMMERCE had U.S. merchant acquiring volume of $10.52 billion in 2020 from 77.3 million transactions for 44,000 active merchant outlets. Of that amount, $8.44 billion was from Visa/Mastercard cards, $1.22 billion from American Express and Discover cards, $864.0 million from PIN debit cards. Card-not-present volume was $4.72 billion (44.8% of the total) from 12.7 million transactions (16.4% of the total). Celero ranked 31st largest among all U.S.-based merchant acquirers last year.

Kevin Jones is CEO at Celero Commerce, [email protected], www.celerocommerce.com.

CLIK2PAY has launched in Canada as a near real-time bill payment service available to consumers who prefer to pay directly from their bank account.

Michael Bradley is CEO, [email protected], www.clik2pay.com.

FLEETCOR has signed a 20-year joint venture agreement with Caixa Econômica Federal, Brazil’s largest bank, to provide electronic payment services including automatic toll tags, fuel cards, transportation and food vouchers. Caixa has locations in 99% of Brazil’s municipalities. It maintains the largest network of branches in the country with more than 26,000 service points, and has the largest client base with 146 million individuals and companies.

Armando Netto is CEO Brazil at Fleetcor, [email protected], www.fleetcor.com.

www.nilsonreport.com NILSON REPORT 3

https://www.nilsonreport.com

mailto:[email protected]






COVE

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ORY Global Network

Card Results in 2020

Visa, UnionPay, Mastercard, American Express, JCB and Diners Club/Discover cards collectively generated 467.65 billion purchase transactions for goods and services in 2020, up 6.0% over 2019. Those global network purchase transactions included all consumer, small business and commercial credit, debit and prepaid products. Debit card figures used in the accompanying charts and tables in this article include prepaid cards.

Credit and debit cards with the Visa brand accounted for a 40.10% market share of global network purchase transactions in 2020, a drop of 198 basis points (bps) from 42.08% in 2019. Visa debit cards alone initiated 26.11% of worldwide purchase transactions, a drop of 34 bps. Credit cards with the Visa brand initiated 13.99%, a drop of 164 bps.

UnionPay brand credit and debit cards accounted for 32.33% of global network card purchase transactions, an increase of 257 bps from 29.75% in 2019. Debit cards with the UnionPay brand generated 21.25%, an increase of 553 bps. UnionPay credit cards accounted for 11.08%, a decline of 296 bps.

Debit and credit Mastercard cards accounted for 24.17% of all global network purchase transactions worldwide, a decline of 38 bps from 24.56% in 2019. Mastercard debit cards held a 13.85% share, an increase of 43 bps. Credit cards with the Mastercard brand held a 10.33% share, down 82 bps.

American Express cards accounted for a 1.85% share, down 14 bps from 2019. JCB held a 0.95% share, an increase of 1 bps. Diners Club/Discover held a 0.60% share, a drop of 8 bps.

© 2021 Nilson Report

‘10 ‘12‘11 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20

80%

70%

60%

50%

40%

30%

20%

10%

0%

471 bpsMASTERCARD

3,114 bpsUNIONPAY

3,585 bpsVISA

‘10 ‘12‘11 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20

60%

50%

40%

30%

20%

10%

0%482 bps

THE REST

2,415 bpsUNIONPAY

1,340 bpsVISA

593 bpsMASTERCARD

Debit Cards

Credit Cards

Market Shares of Purchase Transactions on Global Network Cards

4 NILSON REPORT June 2021 Issue 1199

p6

Figures are for 2020 with change vs. 2019

Global Debit & Prepaid Cards

Category Visa Mastercard UnionPay2020 CHANGE 2020 CHANGE 2020 CHANGE

Purchase Transactions per Card 50.64 -0.4% 47.32 -1.3% 12.15 34.5%

Purchase Transactions Share 87.82% 277 bps 84.52% 284 bps 98.96% 111 bps

Cash Transactions per Card 7.02 -21.4% 8.67 -19.4% 0.13 -35.9%

Cash Transaction Share 12.18% -277 bps 15.48% -284 bps 1.04% -111 bps

TRANSACTIONS PER CARD 57.66 -3.5% 55.99 -4.6% 12.28 33.0%

Average Purchase Amount $37 7.6% $31 5.4% $74 -29.9%

Average Cash Amount $135 12.9% $121 10.3% $375 10.9%

AVERAGE AMOUNT PER TRANSACTION $49 3.9% $45 1.8% $77 -30.3%

Purchase Volume per Card $1,870 7.2% $1,462 4.0% $896 -5.8%

Purchase Volume Share 66.40% 433 bps 58.32% 386 bps 94.95% 154 bps

Cash Volume per Card $946 -11.2% $1,045 -11.1% $48 -29.0%

Cash Volume Share 33.60% -433 bps 41.68% -386 bps 5.05% -154 bps

TOTAL VOLUME PER CARD $2,816 0.2% $2,507 -2.8% $944 -7.3%


Debit cards held a 61.20% market share of global network purchase transactions in 2020, an increase of 562 bps from 2019. This is the first time that debit card purchase transaction market shares have exceeded 60.00%.

Visa purchase transactions were 65.11% debit, an increase of 225 bps. UnionPay purchase transactions were 65.73% debit, an increase of 1,290 bps. Mastercard purchase transactions were 57.27% debit, an increase of 266 bps.

Total volume, which combines purchases of goods and services with cash advances and withdrawals, reached $34.173 trillion in 2020, a decline of 1.0% from 2019. Mastercard and Visa cards combined accounted for 51.84% of total volume, a decrease of 9 bps. UnionPay accounted for 43.75% of total volume in 2020 compared to 43.16%, up 59 bps.


Global Credit Cards

Category Visa Mastercard American Express UnionPay JCB Diners/Discover2020 CHANGE 2020 CHANGE 2020 CHANGE 2020 CHANGE 2020 CHANGE 2020 CHANGE

Purchase Transactions per Card 56.95 -6.7% 49.99 -4.5% 77.04 0.5% 66.59 -19.7% 31.67 6.2% 43.26 -4.9%

Purchase Transactions Share 98.97% 30 bps 98.67% 23 bps 99.75% 7 bps 99.89% 4 bps 98.46% -19 bps 98.07% 54 bps

Cash Transactions per Card 0.59 -27.9% 0.67 -19.0% 0.20 -22.3% 0.07 -40.8% 0.50 21.2% 0.85 -26.2%

Cash Transaction Share 1.03% -30 bps 1.33% -23 bps 0.25% -7 bps 0.11% -4 bps 1.54% 19 bps 1.93% -54 bps

TRANSACTIONS PER CARD 57.54 -7.0% 50.67 -4.7% 77.23 0.5% 66.66 -19.8% 32.16 6.4% 44.11 -5.5%

Average Purchase Amount $67 -4.2% $57 -5.6% $116 -16.7% $139 22.0% $69 -10.0% $59 -1.2%

Average Cash Amount $282 4.3% $252 1.5% $261 -18.7% $300 13.1% $131 -3.0% $218 4.9%

AVERAGE AMOUNT PER TRANSACTION $69 -4.7% $59 -5.9% $117 -16.8% $139 21.9% $70 -9.7% $62 -2.0%

Purchase Volume per Card $3,829 -10.6% $2,839 -9.8% $8,972 -16.2% $9,275 -2.1% $2,183 -4.4% $2,559 -6.1%

Purchase Volume Share 95.84% 75 bps 94.37% 51 bps 99.43% 18 bps 99.76% 11 bps 97.10% -53 bps 93.24% 132 bps

Cash Volume per Card $166 -24.8% $169 -17.8% $51 -36.8% $22 -33.1% $65 17.6% $186 -22.6%

Cash Volume Share 4.16% -75 bps 5.63% -51 bps 0.57% -18 bps 0.24% -11 bps 2.90% 53 bps 6.76% -132 bps

TOTAL VOLUME PER CARD $3,995 -11.3% $3,008 -10.3% $9,023 -16.4% $9,297 -2.2% $2,248 -3.9% $2,745 -7.4%


‘10 ‘12‘11 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20

Debit vs. Credit Market Shares of Purchase Transactions

CREDITDEBIT

53.254.2 53.3 53.9 54.1

54.653.1 53.4 53.9

55.6 61.2





Global Network Cards

Brand/Card Type Dollar Volume (bil.) Transactions (bil.) CardsTOTAL CHANGE PURCHASES CHANGE CASH CHANGE TOTAL CHANGE PURCHASES CHANGE MIL. CHANGE

UnionPay Credit $7,233.31 2.0% $7,215.92 2.1% $17.40 -30.2% 51.86 -16.3% 51.81 -16.3% 778.0 4.3%

Visa Credit $4,590.04 -9.8% $4,399.02 -9.1% $191.02 -23.5% 66.11 -5.4% 65.44 -5.1% 1,149.0 1.7%

Mastercard Credit $2,906.39 -7.7% $2,742.78 -7.2% $163.61 -15.4% 48.95 -2.0% 48.30 -1.7% 966.1 2.9%

American Express Credit $1,010.60 -18.2% $1,004.88 -18.0% $5.72 -38.2% 8.65 -1.6% 8.63 -1.6% 112.0 -2.1%

JCB Credit $316.70 -3.1% $307.52 -3.6% $9.18 18.6% 4.53 7.3% 4.46 7.1% 140.9 0.9%

Discover/Diners Club Credit $178.18 -8.3% $166.13 -7.0% $12.05 -23.3% 2.86 -6.4% 2.81 -5.8% 64.9 -0.9%

CREDIT CARD TOTALS $16,235.22 -5.0% $15,836.25 -4.5% $398.97 -20.4% 182.97 -7.5% 181.44 -7.4% 3,210.9 2.5%

UnionPay Debit & Prepaid $7,718.07 -1.2% $7,328.12 0.4% $389.95 -24.3% 100.41 41.7% 99.37 43.3% 8,177.0 6.6%

Visa Debit & Prepaid $6,788.47 5.3% $4,507.52 12.6% $2,280.95 -6.7% 139.02 1.4% 122.09 4.7% 2,411.0 5.1%

Mastercard Debit & Prepaid $3,430.83 7.7% $2,000.71 15.4% $1,430.12 -1.4% 76.61 5.8% 64.75 9.5% 1,368.3 10.9%

DEBIT CARD TOTALS $17,937.37 2.8% $13,836.35 6.1% $4,101.02 -7.0% 316.03 12.7% 286.21 16.8% 11,956.3 6.7%

UnionPay Totals $14,951.38 0.3% $14,544.04 1.3% $407.34 -24.6% 152.27 14.6% 151.18 15.2% 8,955.0 6.4%

Visa Totals $11,378.51 -1.4% $8,906.54 0.7% $2,471.97 -8.3% 205.13 -0.9% 187.52 1.1% 3,560.0 4.0%

Mastercard Totals $6,337.22 0.1% $4,743.49 1.1% $1,593.73 -3.1% 125.56 2.6% 113.05 4.4% 2,334.4 7.4%

Visa & Mastercard Totals $17,715.73 -0.9% $13,650.03 0.9% $4,065.69 -6.3% 330.69 0.4% 300.57 2.3% 5,894.4 5.3%

CREDIT & DEBIT TOTALS $34,172.59 -1.0% $29,672.60 0.2% $4,499.99 -8.4% 499.01 4.3% 467.65 6.0% 15,167.2 5.8%

Includes all consumer, small business and commercial credit, debit and prepaid cards. Some prior year fi gures have been restated. Currency fi gures are in U.S. dollars. Change fi gures for dollar volume refl ect a year-over-year comparison in local currency. Visa includes Visa, Visa Electron, V Pay, Visa Direct and Interlink brands. The Visa card fi gures exclude Plus-only cards (with no Visa logo). Mastercard excludes Maestro and Cirrus fi gures. American Express, Discover/Diners Club and JCB include business from third-party issuers. JCB fi gures include other payment-related products and some fi gures are estimates. © 2021 Nilson Report

UNIONPAY8.96 VISA

3.56

MASTERCARD2.33

JCB0.14

AMERICAN EXPRESS0.11

DINERS CLUB/ DISCOVER

0.06

23%59%

15%


Global Network Cards in Circulation

in Billions with Market Shares

Purchase volume (excludes cash advances and cash withdrawals) on debit cards only from UnionPay, Visa and Mastercard combined reached $13.836 trillion in 2020, up 6.1% from 2019.

When measuring all purchase volume on global network cards, UnionPay debit cards had the largest market share, followed by UnionPay credit cards, Visa debit cards, which moved ahead of Visa credit cards, Mastercard credit cards, Mastercard debit cards, American Express cards, JCB cards, and Diners Club/Discover cards.

UnionPay cards accounted for $49 of every $100 in purchase volume in 2020 compared to $43 in 2019. Visa and Mastercard combined accounted for $46 of every $100 last year, the same as in 2019. Visa alone again accounted for $30 of every $100. Mastercard again accounted for $16 of every $100.

Credit cards carrying the Visa brand generated 49.39% of its combined credit and debit purchase volume, a drop of 534 bps from 2019. Mastercard credit cards accounted for 57.82% of its purchase volume, down 520 bps. At UnionPay, credit cards accounted for 49.61% of its purchase volume, an increase of 42 bps.

15.17 Bil.

COVE

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ORY

CONT

D.



Global Network Cards

Brand/Card Type Dollar Volume (bil.) Transactions (bil.) CardsTOTAL CHANGE PURCHASES CHANGE CASH CHANGE TOTAL CHANGE PURCHASES CHANGE MIL. CHANGE

UnionPay Credit $7,233.31 2.0% $7,215.92 2.1% $17.40 -30.2% 51.86 -16.3% 51.81 -16.3% 778.0 4.3%

Visa Credit $4,590.04 -9.8% $4,399.02 -9.1% $191.02 -23.5% 66.11 -5.4% 65.44 -5.1% 1,149.0 1.7%

Mastercard Credit $2,906.39 -7.7% $2,742.78 -7.2% $163.61 -15.4% 48.95 -2.0% 48.30 -1.7% 966.1 2.9%

American Express Credit $1,010.60 -18.2% $1,004.88 -18.0% $5.72 -38.2% 8.65 -1.6% 8.63 -1.6% 112.0 -2.1%

JCB Credit $316.70 -3.1% $307.52 -3.6% $9.18 18.6% 4.53 7.3% 4.46 7.1% 140.9 0.9%

Discover/Diners Club Credit $178.18 -8.3% $166.13 -7.0% $12.05 -23.3% 2.86 -6.4% 2.81 -5.8% 64.9 -0.9%

CREDIT CARD TOTALS $16,235.22 -5.0% $15,836.25 -4.5% $398.97 -20.4% 182.97 -7.5% 181.44 -7.4% 3,210.9 2.5%

UnionPay Debit & Prepaid $7,718.07 -1.2% $7,328.12 0.4% $389.95 -24.3% 100.41 41.7% 99.37 43.3% 8,177.0 6.6%

Visa Debit & Prepaid $6,788.47 5.3% $4,507.52 12.6% $2,280.95 -6.7% 139.02 1.4% 122.09 4.7% 2,411.0 5.1%

Mastercard Debit & Prepaid $3,430.83 7.7% $2,000.71 15.4% $1,430.12 -1.4% 76.61 5.8% 64.75 9.5% 1,368.3 10.9%

DEBIT CARD TOTALS $17,937.37 2.8% $13,836.35 6.1% $4,101.02 -7.0% 316.03 12.7% 286.21 16.8% 11,956.3 6.7%

UnionPay Totals $14,951.38 0.3% $14,544.04 1.3% $407.34 -24.6% 152.27 14.6% 151.18 15.2% 8,955.0 6.4%

Visa Totals $11,378.51 -1.4% $8,906.54 0.7% $2,471.97 -8.3% 205.13 -0.9% 187.52 1.1% 3,560.0 4.0%

Mastercard Totals $6,337.22 0.1% $4,743.49 1.1% $1,593.73 -3.1% 125.56 2.6% 113.05 4.4% 2,334.4 7.4%

Visa & Mastercard Totals $17,715.73 -0.9% $13,650.03 0.9% $4,065.69 -6.3% 330.69 0.4% 300.57 2.3% 5,894.4 5.3%

CREDIT & DEBIT TOTALS $34,172.59 -1.0% $29,672.60 0.2% $4,499.99 -8.4% 499.01 4.3% 467.65 6.0% 15,167.2 5.8%

Includes all consumer, small business and commercial credit, debit and prepaid cards. Some prior year fi gures have been restated. Currency fi gures are in U.S. dollars. Change fi gures for dollar volume refl ect a year-over-year comparison in local currency. Visa includes Visa, Visa Electron, V Pay, Visa Direct and Interlink brands. The Visa card fi gures exclude Plus-only cards (with no Visa logo). Mastercard excludes Maestro and Cirrus fi gures. American Express, Discover/Diners Club and JCB include business from third-party issuers. JCB fi gures include other payment-related products and some fi gures are estimates. © 2021 Nilson Report

When measuring only credit card purchase volume, UnionPay held a 45.57% market share, an increase of 296 bps over 2019. Visa credit cards held a share of 27.78%, a drop of 140 bps.

Market share for Mastercard credit cards dropped 50 bps to 17.32%. American Express’s share dropped 104 bps to 6.35%. JCB’s share gained 2 bps to 1.94% and Diners Club/Discover’s share fell 3 bps to 1.05%.

For debit card purchase volume only, UnionPay’s market share dropped 302 bps to 52.96%. Visa’s share grew 187 bps to 32.58%, and Mastercard’s share increased 116 bps to 14.46%.

Cash withdrawals on debit cards and cash advances on credit cards combined totaled $4.500 trillion. As a percent of total volume, credit and debit card cash combined accounted for 13.17% in 2020 versus 14.23% the prior year. At Mastercard, cash equaled 25.15% of its total volume, a decline of 81 bps. Cash volume at Visa equaled 21.72% of its total volume worldwide, a drop of 164 bps. At Diners Club/Discover, cash amounted to 6.76%, a decline of 132 bps. At JCB, cash amounted to 2.90%, an increase of 53 bps. At UnionPay, cash amounted to 2.72%, a drop of 90 bps. At American Express, cash amounted to 0.57%, a drop of 18 bps.

Global network credit, debit and prepaid cards in circulation totaled 15.17 billion at the end of 2020, an increase of 5.8% from 2019. The market share of UnionPay global network cards in circulation worldwide at 59.04% grew by 40 bps. Visa’s market share was 23.47%, a decrease of 53 bps. Mastercard’s share was 15.39%, an increase of 26 bps. JCB’s share was 1.0%, down 4 bps. Amex’s share of 0.8% dropped by 6 bps. Diners Club/Discover’s share of 0.5% declined by 3 bps.

Visa, Mastercard, Amex and Discover credit cards issued in the U.S. collectively generated $3.611 trillion in purchase volume, which accounted for 22.80% of all global network credit card purchase volume in 2020. This was a decline of 114 bps from 2019. Purchase volume generated last year by credit cards issued in the U.S. declined 9.0%. Outside the U.S., credit card purchase volume decreased 3.1% to $12.226 trillion.

Credit card purchase volume at Mastercard from cards issued in the U.S. dropped 7.9% to $837.17 billion. Outside the U.S., purchase volume on Mastercard credit cards dropped 6.9% to $1.906 trillion. At Visa, purchase volume from credit cards issued in the U.S. dropped 7.2% to $1.939 trillion. Outside the U.S., Visa credit card purchase volume dropped 10.5% to $2.460 trillion. At American Express, purchase volume generated by credit cards issued in the U.S. at $691.52 billion fell 16.2%. Amex brand purchase volume on cards issued outside the U.S. dropped 21.7% to $313.36 billion.

Visa and Mastercard debit cards issued in the U.S. generated purchase volume of $3.139 trillion in 2020, an increase of 15.0% over 2019. Outside the U.S., debit cards with those brands generated purchase volume of $3.369 trillion, an increase of 12.0%.

Prior issues: 1178, 1169, 1154, 1130, 1109, 1085, 1060, 1037, 1014, 992

At Mastercard, purchase volume initiated by debit cards issued in the U.S. increased by 14.6% to $907.71 billion. Outside the U.S., debit card purchase volume grew 16.0% to $1.093 trillion. At Visa, purchase volume generated by debit cards issued in the U.S. increased 15.2% to $2.231 trillion. Outside the U.S., debit purchase volume increased by 10.2% to $2.276 trillion.

Credit card purchase transactions by Visa cards issued in the U.S. declined by 9.6% to 23.02 billion. Outside the U.S., Visa credit card purchase transactions totaled 42.42 billion, a decrease of 2.4%. Debit card purchase transactions by Visa cards issued in the U.S. grew to 49.07 billion, an increase of 2.3%. Purchase transactions by Visa debit cards issued outside the U.S. reached 73.02 billion, an increase of 6.3%.

Credit card purchase transactions by Mastercard cards issued in the U.S. declined by 7.3% to 9.54 billion. Outside the U.S., Mastercard credit card purchase transactions totaled 38.76 billion, down 0.2%. Debit card purchase transactions by Mastercard cards issued in the U.S. grew to 20.56 billion, an increase of 3.7%. Purchase transactions by Mastercard debit cards issued outside the U.S. reached 44.19 billion, up 12.4%.

Certegy Brings BNPL to A2A Payments

Purchase Volume by Product$Trillions

AMEX CREDIT

DINERS/DISC. CREDIT

JCB CREDIT

MASTERCARD CREDIT

MASTERCARD DEBIT

UNIONPAY CREDIT

UNIONPAY DEBIT

VISA CREDIT

VISA DEBIT


4.508

4.399

7.328

7.216

2.001

2.743

0.308

0.166

1.005



Top U.S. Banks in Visa Direct and Mastercard SendBusiness-to-consumer and person-to-person funds transfers delivered to a recipient’s debit account in 30 minutes or less is a rapidly growing business for Visa and Mastercard. The U.S. is the first region to show significant volumes of these near real-time transactions, which began in 2016. Last year, transactions exceeded 1.50 billion.

Even the largest banks participating in Visa Direct and Mastercard Send were not able to accurately track these transactions until mid-2019 because the capability to do so

had not yet been built. Of the 100 largest debit card issuers in the U.S. ranked in the Nilson Report’s annual survey, 39 issuers reported Visa Direct or Mastercard Send activity for 2020. Only those issuers are reported here.

There are two types of Visa Direct and Mastercard Send transactions—account funding transactions (outflows) and original credit transactions (inflows). Deposit account banks receive interchange fees on most of those transactions. Both Visa and Mastercard report these transactions in results they share with investors. However, there is overlap.

Certegy Brings BNPL to A2A PaymentsMore than 4,000 financial institutions and enterprise companies are customers of Certegy, which provides risk management and warranty services tied to check and automated clearinghouse payments. The company also provides a check cashing service. Certegy was acquired by private equity firm Variant Equity in 2018. Since then it has been developing new products that leverage its legacy assets, which include DDA information on 100 million U.S. consumers.

BankPay, which launched last year for U.S.-based merchants, supports account-to-account (A2A) payments from a seller’s ecommerce checkout page. Certegy can provide instant authorization of payments. Certegy customers, including merchant acquirers, use APIs or SDKs to offer the service on a white-label basis. A customizable user interface transfers consumers to Certegy. After personal and payment data is gathered, consumers are returned to the seller’s site.

Buy now, pay later (BNPL) is the latest Certegy product. It uses its core risk management platform to make credit decisions. All BNPL payment volume is held on Certegy’s balance sheet. There is no risk to the merchant. The risk management process for BNPL is very similar to the check guarantee product offered to retailers in which Certegy assumes ownership of all transactions in return for a fee based on the value of the payment. For BNPL from Certegy, retailers will pay a lower fee than they pay for credit card acceptance.

Certegy will look for BNPL customers among retailers and then expand to the automotive and healthcare sectors.

Currently, the company processes over 10 million transactions a month for all of its businesses combined. Certegy expects BankPay and BNPL will grow faster than the decline in its core check businesses. A single API provides access to all Certegy products.

INTERVIEWED FOR THIS ARTICLE

Colby Thames is Chief Technology Officer at Certegy Payment Solutions in Houston, Texas, [email protected], www.certegy.com.

Prior issues: 971, 956, 923, 911, 903, 898, 890, 885, 882, 865, 857, 854

IN THIS ARTICLE

Global Network Card Results in 2020


Goldman Sachs Chooses Visa for Global Money Transfers

AFT (outfl ows) OCT (infl ows)VOLUME TRANS. VOLUME TRANS.

FINANCIAL INSTITUTION (MIL.) (MIL.) (MIL.) (MIL.)

VISA DIRECT

Wells Fargo $19,616.7 216.4 $14,759.8 126.6

Bank of America $15,566.9 136.9 $9,544.7 70.6

Navy FCU $9,021.2 90.7 $8,456.1 61.1

TD Bank $6,422.6 31.2 $7,316.5 36.9

The Bancorp Bank $5,902.2 80.2 — —

PNC Bank $5,388.8 58.8 $3,592.5 32.0

Regions Bank $3,158.4 37.5 $2,204.8 20.7

U.S. Bank $3,117.6 31.0 $2,408.0 19.1

Citizens Bank $2,628.5 21.0 $1,968.5 12.0

Truist $2,398.7 16.8 $1,371.6 11.9

State Empl. CU (N.C.) $1,709.3 25.2 $1,319.2 15.2

USAA $1,385.5 12.2 $2,581.9 22.6

First Citizens $745.8 8.8 $703.2 2.0

M&T Bank $670.4 7.6 $546.3 4.7

Municipal CU $510.7 5.1 $304.5 2.4

Golden 1 CU $465.9 4.9 — —

Mountain America FCU $397.4 3.6 $344.6 2.4

Arvest Bank $373.2 4.5 $364.6 3.1

Zions Bancorporation $323.0 2.6 $208.1 1.1

Commerce Bank $258.7 2.7 $185.5 1.4

FirstBank (Colo.) $227.4 2.0 — —

BOK Financial $191.4 1.9 $169.1 1.2

Debit Money TransfersVisa Direct and Mastercard Send

AFT = account funding transactions, OCT = original credit transactions. © 2021 Nilson Report

AFT (outfl ows) OCT (infl ows)VOLUME TRANS. VOLUME TRANS.

FINANCIAL INSTITUTION (MIL.) (MIL.) (MIL.) (MIL.)

VISA DIRECT (Continued)

Wright-Patt CU $160.9 1.8 — —

Baxter CU $152.6 1.5 $109.3 0.8

Simmons Bank $140.2 1.8 $112.3 1.0

Hancock Whitney Bank $129.7 1.4 $99.9 0.7

First Natl Bank $124.6 1.7 $128.0 0.9

Idaho Central CU $122.3 1.3 $124.4 1.0

Michigan State Univ. FCU $104.4 1.1 $96.7 0.7

Safe CU (Calif.) $100.2 1.0 $96.7 0.7

WSECU $79.0 0.6 $62.0 0.4

Axos Bank $77.8 1.0 $102.1 1.1

PSECU $58.5 0.7 $47.7 0.4

Hudson Valley CU $42.4 0.5 — —

N.Y. Community Bank $13.7 0.1 $20.5 0.2

TruWest CU $1.8 0.0 $1.5 0.0

MASTERCARD SEND

Bank of America $7,242.5 72.1 $5,853.2 50.4

People's United Bank $338.5 3.5 $258.9 2.0

First Midwest Bank $90.2 0.5 $53.7 0.4

HSBC Bank USA $12.9 0.1 — —

Wells Fargo — — $1,122.3 7.5

Axos Bank — — $2.3 <0.1

An outflow from a Bank of America Visa debit account received as an inflow to a Citi Mastercard debit account would be reported as volume at both networks.

Issuers reported $89.38 billion in outflows last year with Visa Direct accounting for 91.5% of the total. Outflows are almost exclusively comprised of person-to-person funds transfers using third-party apps led by Square Cash, Apple Pay Cash and Facebook.

Square Cash dominates those transactions. It is more than three times bigger than its nearest competitor. Those third-party app developers pay interchange fees to facilitate delivery of their products.

There were $66.49 billion inflows in 2020 with Visa Direct accounting for 89.1%. The top use cases for inflows are tied to P2P transactions from Square Cash and Venmo, from payments insurance companies make to claimants and from payments that companies such as Uber, Lyft, Instacart and DoorDash make to drivers.

There are more outflows than inflows because most recipients choose to leave funds in their third-party app such as a Venmo account. Venmo is a business unit of PayPal.

When a Venmo transaction flows from a consumer to a business, that payment will occur through PayPal, not Visa Direct or Mastercard Send. Currently, there are no consumer-to-business Visa Direct or Mastercard Send transactions in the U.S.

Issuers reported $89.38 billion in outflows last year with Visa Direct accounting for 91.5% of the total

91.5%



Goldman Sachs Chooses Visa for Global Money Transfers

The Transaction Banking unit of Goldman Sachs Bank USA (GS) will use Visa B2B Connect and Visa Direct Payouts to give its corporate and commercial banking clients the ability to make cross-border payments using a digital alternative to more expensive correspondent banking channels. The combination of Visa B2B Connect and Visa Direct Payouts lets GS facilitate high-value and low-value transactions. The Transaction Banking unit was built from the ground up as a digital first, cloud-based business.

Visa B2B Connect, which is a separate network from the rails used for card transactions, launched in 2019 when it could deliver payments to 31 countries. Currently it has regulatory approval and money licenses to deliver funds to 97 countries and territories. Another 30 countries are expected to be added in the next two years. The network incorporates hyperledger technology from IBM, including tokenization, anonymization and ledgerization of participants in the network.

For Visa B2B Connect, sensitive information including bank account details and account numbers are tokenized. The unique identifiers are used to facilitate transactions.

GS connects to Visa via API links as do other banks including Kapital Bank in Azerbaijan and CIBanco in Mexico. CiBanco accesses Visa through NetSys, which offers banks in Latin America payments-as-a-service for Visa B2B Connect.

Visa Direct Payouts, a product built to handle high numbers of low-value transactions, moves money through an interoperable network of networks approach. Visa Direct maintains connections to 65 automated clearing houses and 7 real-time payment networks in addition to VisaNet. When Visa Direct Payouts is added to Visa Direct, funds can be delivered to 5 billion Visa and Mastercard debit or prepaid card accounts in 167 countries as well as to current (demand deposit) accounts not tied to debit cards in 174 countries. In fiscal year 2020, Visa Direct handled almost 3.50 billion transactions.


Alan Koenigsberg is Global Head of New Payment Flows at Visa Business Solutions in San Francisco, [email protected], www.visa.com.

Prior issues: 1185, 1184, 1183, 1181, 1176, 1168, 1166, 1161, 1160, 1157, 1156, 1152, 1141, 1138, 1121, 1117, 1114, 1103, 1097, 1092, 1088, 1082

Push Payment Scam Protection from FICOThe growing acceptance of account-to-account payments, including transactions with real-time settlement, has brought about a commensurate increase in fraud from stolen credentials used for account takeovers. More worrisome have been losses from a new form of criminal activity—scams that involve consumers duped into initiating a payment to a criminal’s bank account. There is an important difference between losses to unauthorized fraud and authorized scams.

Unauthorized transactions that result in funds being pushed to a criminal’s account from a consumer’s account are usually reimbursed by the consumer’s financial institution. However,

IN THIS ARTICLE

IN THIS ARTICLE

Top U.S. Banks in Visa Direct and Mastercard Send


Middle East and Africa’s Top Merchant Acquirers

Worldline and Toshiba Partner for Hybrid POS KioskThe Pro-X Hybrid Kiosk from Worldline and Toshiba Global Commerce Solutions is designed to rotate on its base so it can easily transition between clerk-assisted and consumer self-service applications.

The partners say that Pro-X, which is integrated with a Lane/3000 card reader device, is designed for small grocery stores, convenience stores, and specialty and hospitality locations where it can operate as a countertop device.

The Lane/3000 was developed by Ingenico prior to its October 2020 acquisition by Worldline. It holds PCI PTS 6x certification and is certified for point-to-point encryption.

The Pro-X Hybrid Kiosk is based on the Toshiba TCx 800 All-in-One POS, which is sold in 34 countries.

The device has 15-inch, 15.6-inch and 18.5-inch screen options, and is compatible with Windows, Linux, and TCx Sky operating systems. It is installed on a Toshiba-made cabinet that includes a barcode scanner. Toshiba makes the Pro-X Hybrid Kiosk in two colors—black and white.

Toshiba began shipping the Pro-X in March 2021. Currently, it is in pilot tests with several European retailers in the United Kingdom, Austria and France.


Lee Jones is Managing Director, Northern Europe, GSV at Worldline, [email protected], www.worldline.com.

Prior issue: 1197

IN THIS ARTICLE

scam transactions involve bad judgment by consumers. Although these funds were unknowingly pushed to criminals, they were authorized by the consumer, and therefore are not always reimbursable.

Criminals often mine information from social media platforms for clues on how to motivate consumers to take an action. Scams can involve the promise of goods, for example Covid-19 face masks, that are never delivered. And they often involve offers of romance or investment opportunities. The per-transaction losses for push payment scams significantly exceed per-transaction losses for credit cards.

FICO worked with financial institutions in the U.K. and U.S. to analyze information it used to create models that help identify scam-related payments before funds are sent to criminals.

The company deployed collaborative profile technology, which incorporates archetypes of an individual’s behavior, to make inferences regarding anomalous push payments from a deposit account. The information FICO analyzed was gathered in response to proposed regulations in the U.K. that will require financial institutions to reimburse for scams. Currently, some financial institutions reimburse even though they have no mandate to do so. The estimate is that 40% of scams are reimbursed.

Clients that use FICO’s Falcon Fraud Manager platform for retail banking receive scores to fight push payment fraud for unauthorized and authorized transactions. Each score ranges from 1 to 999. Because there is little success in recovering funds from criminals, protection at the time a push payment is initiated is critical.



Middle East and Africa’s Top Merchant AcquirersThe table on page 13 ranks the 37 largest merchant acquirers in the Middle East–Africa (MEA) region based on the number of Mastercard and Visa purchase transactions each handled in 2020. Those acquirers represented 16 countries. Collectively, they processed $182.67 billion in purchase volume from 4.11 billion Mastercard and Visa transactions from 727,528 active merchant outlets in the MEA region. Those acquirers also handled 26.1 million American Express, Diners Club, JCB and UnionPay purchase transactions valued at $2.63 billion.

New to the top acquirers ranking for 2020 are Keenu (a joint venture with Bank Al Habib) in Pakistan, Millennium BIM in Mozambique and Dashen Bank in Ethiopia.

Capitec grew on completion of its acquisition of Mercantile Bank in South Africa. Absa is now listed independently from its former association with Barclays after a separation process that started in 2017.

The table on page 13 also includes 844.1 million domestic-only debit card purchase transactions valued at $53.29 billion and 48.1 million domestic-only credit card purchase transactions valued at $1.99 billion.

Domestic-only brands included Verve in Nigeria, eBucks and Petro Card in South Africa, Al-Amil and KNet in Kuwait, eCash in Qatar, AutoBranch in Kenya, Mada in Saudi Arabia, MCB Fleetman in Mauritius, PayPak in Pakistan and CMI in Morocco. Combined, transactions for all brands grew by 3.7% in 2020.

The largest merchant acquirers in the Middle East and Africa are in Iran. Neither Visa nor Mastercard cards are issued or acquired in Iran. The table on this page shows acquiring figures for Iran-based Behpardakht Mellat, Saman e-Pay, Parsian E-Commerce, Asan Pardakht Persian, Iran Kish Credit Card, Sadad Informatics and Pasargad Electronic Payment. All handle only domestic-market Shaparak network cards.

Collectively, these companies handled 27.79 billion purchase card transactions last year valued at $904.47 billion. Transactions increased 23.5% in 2020. All seven acquirers in Iran ranked here processed more card payments than the largest Visa and Mastercard acquirer in the MEA region.

Prior issues: 1178, 1155, 1134, 1112, 1090, 1068, 1043, 1020, 996, 983

$185+billionin global network card purchase volume was processed by 37

acquirersin 16 countries

Rankings are based on consolidated volume and transactions. Figures include all Middle East and Africa business. Volume is net (gross minus chargebacks) for American Express, Diners Club, Discover, JCB, Mastercard, UnionPay, Visa and domestic general purpose cards. © 2021 Nilson Report

Transactions VolumeRANK COMPANY (BIL.) (BIL.)

1 Behpardakht Mellat 6.95 $253.68

2 Saman e-Pay 5.98 $202.63

3 Parsian e-Commerce 5.26 $140.93

4 Asan Pardakht Persian 3.74 $82.69

5 Iran Kish Credit Card 2.96 $150.33

6 Pasargad Electronic Payment 1.60 $11.30

7 Sadad Informatics 1.31 $62.91

8 Absa Bank 1.00 $25.31

9 Nedbank 0.67 $15.27

10 First National Bank 0.66 $18.28

Largest Acquirers in theMiddle East and AfricaRanked by Purchase Transactions in 2020

Merchant Acquirers in the Middle East and Africa

Rank Visa and Mastercard¹ Other Cards² Active Merchant

Outlets

POSTerminalsTRANSACTIONS VOLUME TRANSACTIONS VOLUME

‘20 ‘19 COMPANY, HEADQUARTERS (MIL.) CHANGE (MIL.) CHANGE (MIL.) (MIL.)

1 1 Absa Bank, South Africa 994.5 -5% $24,972.0 7% 6.1 $336.1 63,718 292,037

2 5 Nedbank, South Africa 670.0 193% $15,042.5 55% 4.7 $229.1 51,198 52,577

3 2 First National Bank, South Africa3 620.5 -2% $16,285.9 9% 42.8 $1,994.3 67,054 127,793

4 3 Standard Bank, South Africa 361.1 -9% $10,379.1 -5% 2.8 $193.5 57,615 89,242

5 4 Network International, U.A.E.4 312.1 -3% $28,139.4 -22% 2.3 $561.1 86,319 112,255

6 6 Mashreq Bank, United Arab Emirates 247.4 16% $15,847.4 13% 1.5 $487.9 21,210 45,450

7 7 First Abu Dhabi Bank, United Arab Emirates 178.1 14% $18,168.3 9% <0.1 $5.4 29,329 52,987

8 9 SABB, Saudi Arabia5 81.4 19% $4,495.1 -15% 220.1 $7,334.2 11,562 65,827

9 8 CMI, Morocco6 79.5 -7% $3,553.6 -26% 4.9 $336.7 52,251 62,701

10 11 Kuwait Finance House, Kuwait 68.3 17% $6,884.6 33% — — 6,236 11,640

11 10 National Bank of Kuwait, Kuwait7 61.2 -2% $5,200.3 -9% 17.2 $2,157.5 14,113 17,289

12 13 Abu Dhabi Commercial, U.A.E. 57.6 46% $3,165.2 28% 0.4 $37.1 8,965 18,650

13 14 Capitec, South Africa 50.2 2% $1,499.6 7% 39.7 $1,151.0 38,730 24,326

14 12 Qatar Natl Bank, Qatar8 45.4 -5% $6,296.3 -14% 8.7 $1,539.6 3,857 8,342

15 15 Commercial Intl Bank, Egypt 40.7 15% $2,216.9 13% <0.1 $8.9 10,433 13,988

16 16 Mauritius Commercial Bank, Mauritius9 25.0 -10% $900.4 -23% 0.6 $36.5 9,258 10,764

17 17 Commercial Bank, Kuwait 23.8 -12% $4,356.8 -15% — — 5,759 12,917

18 33 FirstBank, Nigeria10 19.1 — $376.4 — 8.4 $148.0 11,911 16,727

19 19 Gulf Bank, Kuwait 18.5 5% $3,190.3 6% 0.2 $42.5 5,087 5,412

20 20 Arab African Intl Bank, Egypt 17.8 3% $719.0 6% — — 5,913 8,714

21 25 Equity Bank, Kenya11 17.6 31% $926.2 29% 5.1 $190.6 15,232 21,127

22 — Keenu (Bank Al Habib), Pakistan 17.5 — $493.4 — 2.0 $49.5 6,406 8,339

23 21 Bank Alfalah, Pakistan12 16.2 6% $624.9 5% 2.1 $47.5 10,399 15,251

24 24 Doha Bank, Qatar 16.0 16% $2,233.8 21% <0.1 $21.1 3,357 5,960

25 22 Natlional Commercial Bank, Saudi Arabia5 16.0 7% $1,489.2 14% 135.2 $11,277.4 26,549 135,621

26 23 Banque Misr, Egypt 13.2 -11% $663.6 -1% — — 5,181 8,146

27 26 Al Rajhi Bank, Saudi Arabia5 11.4 8% $860.1 -4% 242.3 $14,289.3 55,222 204,665

28 18 Areeba, Lebanon 9.5 -47% $1,126.2 -39% <0.1 $8.1 10,816 14,136

29 28 Riyad Bank, Saudi Arabia5 5.8 -14% $651.9 -2% 94.1 $7,840.4 6,835 88,542

30 29 Arab National Bank, Saudi Arabia5 4.9 3% $510.5 16% 52.2 $5,314.5 4,101 25,624

31 27 Credit Libanais, Lebanon 4.0 -53% $500.0 -45% <0.1 $2.8 8,000 11,000

32 — Millennium BIM, Mozambique 3.9 0% $151.9 57% — — 7,139 7,975

33 31 Co-Operative Bank, Kenya11 2.4 26% $169.1 37% 0.8 $31.6 2,138 1,677

34 32 SAIB, Saudi Arabia5 1.8 -2% $258.3 -10% 23.8 $2,222.4 2,614 9,865

35 30 BankMed, Lebanon 1.3 -54% $161.9 -40% — — 2,032 2,573

36 34 Tiybr Payments (Noor Bank), U.A.E. 0.5 25% $106.9 37% — — — —

37 — Dashen Bank, Ethiopia 0.2 14% $50.4 22% <0.1 $10.2 989 1,296

38 36 Behpardakht Mellat, Iran13 — — — — 6,948.3 $253,683.8 1,241,713 957,714

39 38 Saman e-Pay, Iran13 — — — — 5,977.3 $202,631.8 18,461 1,039,574

40 39 Parsian e-Commerce, Iran13 — — — — 5,257.5 $140,926.0 1,637,809 1,242,065

41 35 Asan Pardakht Persian, Iran13 — — — — 3,740.4 $82,688.6 692,341 691,524

42 40 Iran Kish Credit Card Co., Iran13 — — — — 2,955.0 $150,328.4 1,131,969 1,378,936

43 37 Pasargad Elec. Payment, Iran13 — — — — 1,601.8 $11,301.3 422,085 454,823

44 41 Sadad Informatics, Iran13 — — — — 1,308.8 $62,909.8 714,558 803,896

Figures are net (gross minus chargebacks). Change in volume is based on local currency. 1 Visa and Mastercard credit, debit and prepaid cards including Electron and Maestro. 2 Includes American Express, Diners Club/Discover, JCB, UnionPay and domestic debit and credit cards. 3 Other includes Petro Card, Fleet, eWallet, and eBucks domestic debit and credit cards. 4 Estimate. Includes Jordan. 5 Other includes Mada domestic debit cards. Visa/Mastercard estimated. 6 Other includes CMI private label domestic debit cards. 7 Other includes Al-Amil & KNet domestic debit cards. 8 Other includes eCash domestic debit cards. 9 Other includes Fleetman domestic debit and prepaid cards. 10 Includes Verve domestic debit cards. 11 Other includes AutoBranch domestic debit cards. 12 Other includes Pay Pak domestic debit cards. 13 All are Shetab domestic debit and credit cards. © 2021 Nilson Report

Ranked by Visa and Mastercard Transactions in 2020

Worldline and Toshiba Partner for Hybrid POS Kiosk


Merchant Acquirers in the Middle East and Africa

Rank Visa and Mastercard¹ Other Cards² Active Merchant

Outlets

POSTerminalsTRANSACTIONS VOLUME TRANSACTIONS VOLUME

‘20 ‘19 COMPANY, HEADQUARTERS (MIL.) CHANGE (MIL.) CHANGE (MIL.) (MIL.)

1 1 Absa Bank, South Africa 994.5 -5% $24,972.0 7% 6.1 $336.1 63,718 292,037

2 5 Nedbank, South Africa 670.0 193% $15,042.5 55% 4.7 $229.1 51,198 52,577

3 2 First National Bank, South Africa3 620.5 -2% $16,285.9 9% 42.8 $1,994.3 67,054 127,793

4 3 Standard Bank, South Africa 361.1 -9% $10,379.1 -5% 2.8 $193.5 57,615 89,242

5 4 Network International, U.A.E.4 312.1 -3% $28,139.4 -22% 2.3 $561.1 86,319 112,255

6 6 Mashreq Bank, United Arab Emirates 247.4 16% $15,847.4 13% 1.5 $487.9 21,210 45,450

7 7 First Abu Dhabi Bank, United Arab Emirates 178.1 14% $18,168.3 9% <0.1 $5.4 29,329 52,987

8 9 SABB, Saudi Arabia5 81.4 19% $4,495.1 -15% 220.1 $7,334.2 11,562 65,827

9 8 CMI, Morocco6 79.5 -7% $3,553.6 -26% 4.9 $336.7 52,251 62,701

10 11 Kuwait Finance House, Kuwait 68.3 17% $6,884.6 33% — — 6,236 11,640

11 10 National Bank of Kuwait, Kuwait7 61.2 -2% $5,200.3 -9% 17.2 $2,157.5 14,113 17,289

12 13 Abu Dhabi Commercial, U.A.E. 57.6 46% $3,165.2 28% 0.4 $37.1 8,965 18,650

13 14 Capitec, South Africa 50.2 2% $1,499.6 7% 39.7 $1,151.0 38,730 24,326

14 12 Qatar Natl Bank, Qatar8 45.4 -5% $6,296.3 -14% 8.7 $1,539.6 3,857 8,342

15 15 Commercial Intl Bank, Egypt 40.7 15% $2,216.9 13% <0.1 $8.9 10,433 13,988

16 16 Mauritius Commercial Bank, Mauritius9 25.0 -10% $900.4 -23% 0.6 $36.5 9,258 10,764

17 17 Commercial Bank, Kuwait 23.8 -12% $4,356.8 -15% — — 5,759 12,917

18 33 FirstBank, Nigeria10 19.1 — $376.4 — 8.4 $148.0 11,911 16,727

19 19 Gulf Bank, Kuwait 18.5 5% $3,190.3 6% 0.2 $42.5 5,087 5,412

20 20 Arab African Intl Bank, Egypt 17.8 3% $719.0 6% — — 5,913 8,714

21 25 Equity Bank, Kenya11 17.6 31% $926.2 29% 5.1 $190.6 15,232 21,127

22 — Keenu (Bank Al Habib), Pakistan 17.5 — $493.4 — 2.0 $49.5 6,406 8,339

23 21 Bank Alfalah, Pakistan12 16.2 6% $624.9 5% 2.1 $47.5 10,399 15,251

24 24 Doha Bank, Qatar 16.0 16% $2,233.8 21% <0.1 $21.1 3,357 5,960

25 22 Natlional Commercial Bank, Saudi Arabia5 16.0 7% $1,489.2 14% 135.2 $11,277.4 26,549 135,621

26 23 Banque Misr, Egypt 13.2 -11% $663.6 -1% — — 5,181 8,146

27 26 Al Rajhi Bank, Saudi Arabia5 11.4 8% $860.1 -4% 242.3 $14,289.3 55,222 204,665

28 18 Areeba, Lebanon 9.5 -47% $1,126.2 -39% <0.1 $8.1 10,816 14,136

29 28 Riyad Bank, Saudi Arabia5 5.8 -14% $651.9 -2% 94.1 $7,840.4 6,835 88,542

30 29 Arab National Bank, Saudi Arabia5 4.9 3% $510.5 16% 52.2 $5,314.5 4,101 25,624

31 27 Credit Libanais, Lebanon 4.0 -53% $500.0 -45% <0.1 $2.8 8,000 11,000

32 — Millennium BIM, Mozambique 3.9 0% $151.9 57% — — 7,139 7,975

33 31 Co-Operative Bank, Kenya11 2.4 26% $169.1 37% 0.8 $31.6 2,138 1,677

34 32 SAIB, Saudi Arabia5 1.8 -2% $258.3 -10% 23.8 $2,222.4 2,614 9,865

35 30 BankMed, Lebanon 1.3 -54% $161.9 -40% — — 2,032 2,573

36 34 Tiybr Payments (Noor Bank), U.A.E. 0.5 25% $106.9 37% — — — —

37 — Dashen Bank, Ethiopia 0.2 14% $50.4 22% <0.1 $10.2 989 1,296

38 36 Behpardakht Mellat, Iran13 — — — — 6,948.3 $253,683.8 1,241,713 957,714

39 38 Saman e-Pay, Iran13 — — — — 5,977.3 $202,631.8 18,461 1,039,574

40 39 Parsian e-Commerce, Iran13 — — — — 5,257.5 $140,926.0 1,637,809 1,242,065

41 35 Asan Pardakht Persian, Iran13 — — — — 3,740.4 $82,688.6 692,341 691,524

42 40 Iran Kish Credit Card Co., Iran13 — — — — 2,955.0 $150,328.4 1,131,969 1,378,936

43 37 Pasargad Elec. Payment, Iran13 — — — — 1,601.8 $11,301.3 422,085 454,823

44 41 Sadad Informatics, Iran13 — — — — 1,308.8 $62,909.8 714,558 803,896

Figures are net (gross minus chargebacks). Change in volume is based on local currency. 1 Visa and Mastercard credit, debit and prepaid cards including Electron and Maestro. 2 Includes American Express, Diners Club/Discover, JCB, UnionPay and domestic debit and credit cards. 3 Other includes Petro Card, Fleet, eWallet, and eBucks domestic debit and credit cards. 4 Estimate. Includes Jordan. 5 Other includes Mada domestic debit cards. Visa/Mastercard estimated. 6 Other includes CMI private label domestic debit cards. 7 Other includes Al-Amil & KNet domestic debit cards. 8 Other includes eCash domestic debit cards. 9 Other includes Fleetman domestic debit and prepaid cards. 10 Includes Verve domestic debit cards. 11 Other includes AutoBranch domestic debit cards. 12 Other includes Pay Pak domestic debit cards. 13 All are Shetab domestic debit and credit cards. © 2021 Nilson Report

Ranked by Visa and Mastercard Transactions in 2020

Management Changes



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The World’s Top Card Issuers and Merchant Acquirers13th edition

More than 140 pages list 1,370 financial institutions in 117 countries

Downloadable data in Excel format—our most requested update

Top 300 Issuers Worldwide by country ranked by purchase volume

Top Merchant Acquirers Worldwide ranked by purchase volume

Hundreds of additional listings include Issuers by Region and Country, plus Credit and Debit Issuers by Region and Country

Regions include Asia-Pacific, Canada, Europe, Latin America, Middle East and Africa and the United States

Management Changes Derek White, formerly at Google, has been appointed

Chief Executive Officer at Galileo Financial Technologies, [email protected].

John Henderson has been appointed Chief Operating Officer at TechX, [email protected].

Steve Trovillo, formerly at Worldpay, has been appointed Vice President of Business Development at Lode Payments, [email protected].

Eric Lookhoff has been appointed Chief Executive Officer at QuickFee, [email protected].

Gary Allinson has been appointed Head of Product GTM (go to market) for Marketplace, Independent Software Vendors and Payment Facilitators at Cashflows, [email protected].

Casey Bullock, formerly at Worldpay, has been appointed Chief Revenue Officer at Rapyd, [email protected].

Onur Ergüney has been appointed Vice President of Gaming & E-sports at Tpay Mobile, [email protected].

Matthew Brennan, formerly at Worldpay, has been appointed Vice President of Operations at Lode Payments, [email protected].

Andreas Simonsen, formerly at Nets Group, has been appointed Chief Executive Officer at Straal, [email protected].

Bump Verde has been appointed Chief Technology Officer at Payment Approved, [email protected].

Cory Gaines has been appointed Chief Product Officer at Blackhawk Network, [email protected].

Tim Moulton has been appointed Country Head-Canada at Humm, [email protected].

Philip Steurer has been appointed Chief Strategy Officer at Evertec, [email protected].

Laura Beaulieu has been appointed Vice President of Marketing at ApexEdge, [email protected].

Kristina Morris has been appointed Director of Innovation at ICBA, [email protected].

Simon Barrows has been appointed Director of Services at Icon Solutions, [email protected].

Chris LaFrance has been appointed Product Manager at TechX, [email protected].

LeAnne Hoang has been appointed Global Chief Risk and Compliance Officer at Rapyd, [email protected].

Middle East and Africa’s Top Merchant Acquirers


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Message from the Publisher

Investments & AcquisitionsCOMPANY BUYER/INVESTOR AMOUNT (MIL) COUNTRY

Alternative Credit

Addi Series B 1 $35.0 Colombia

Addi debt � nancing 2 $30.0 Colombia

Fly Now Pay Later Series A3 $49.6 U.K.

Mono seed round 4 $2.0 Nigeria

OneStep Info. Tech. Credit Intelligence 5 $2.0 Hong Kong

Spotii Zip 5 $16.0 U.A.E.

Sunbit Series D 6 $130.0 U.S.

Laybuy post-IPO equity 7 $27.0 New Zealand

Twisto Zip 5 $107.9 Czech Republic

B2B Payments

BillingTree Repay 5 $503.0 U.S.

Boost Payment Solutions Series C 8 $22.0 U.S.

Chargeback Sift 5 * U.S.

CleverCards venture round 7 $12.2 Ireland

Divvy Bill.com 5 $2,500.0 U.S.

Edenred Italia CleverCards 5 * Italy

iBanFirst private equity 9 * Belgium

Resolve venture round 10 $60.0 U.S.

Settle Series A 11 $15.0 U.S.

Stampli Series C 12 $50.0 U.S.

Thunes Series B 12 $60.0 Singapore

Bill Payments

CardUp venture round 7 $0.5 Singapore

Flywire IPO 13 $250.0 U.S.

Card Account Processing

Pomelo seed round 14 $9.0 Argentina

Zeta Series C 15 $250.0 India

Credit Cards

Kodo seed round 16 $8.8 India

Lithic Series B 17 $43.0 U.S.

Debit Cards

Telda pre-seed round 18 $5.0 Egypt

VitraCash pre-seed round 19 $0.4 U.K.

Wingocard seed round 20 $1.7 Canada

Loyalty/Rewards

&Open seed round 21 $7.2 Ireland

Fold Series A 22 $13.0 U.S.

Joyn BNP Paribas Fortis 23 * Belgium

Rise.ai Wix 5 * Israel

Tiv seed round 24 $3.5 U.S.

Merchant Processing/Acquiring

American Bank Payments MiCamp 5 * U.S.

Cardlink Worldline 5 * Greece

Change Merchant Solutions FortisPay 5 * U.S.

Chargeback Sift 5 * U.S.

CloudWalk Series B 25 $190.0 Brazil

DailyPay Series D 26 $175.0 U.S.

Dibsy pre-seed round 7 $0.3 Qatar

EpicPay FortisPay 5 * U.S.

Foloosi seed round 20 $2.0 U.A.E.

COMPANY BUYER/INVESTOR AMOUNT (MIL) COUNTRY

Merchant Processing/Acquiring (continued)

Ingenico (Belgium) Axepta BNP Paribas 5 * Belgium

mx51 Series A 27 $25.0 Australia

Northeast Merchant Services GreenBox POS 5 $3.0 U.S.

NearPay pre-seed round 20 $2.1 Saudi Arabia

Payone Global Payments 5 $75.0 Austria

Pine Labs venture round 28 $285.0 India

Planet private equity 29 * U.K.

ReCharge Series B 30 $227.0 U.S.

Sunday seed round 25 $24.3 France

Tilled Series A 31 $11.0 U.S.

Worldline (Luxembourg) Axepta BNP Paribas 5 * Luxembourg

XUP Payments corporate round 32 * U.S.

Mobile Payments

Cardsmobile TCS Group 33 * Russia

KogoPay seed round 7 $1.4 U.K.

Maviance seed round 34 $3.0 Cameroon

Money Transfers

Airtm venture round 35 $15.0 Mexico

Alice seed round 36 $2.0 U.S.

Chipper Cash Series C 37 $100.0 U.S.

Mamo Pay Series A 38 $8.0 U.A.E.

Mangwee Zeepay 39 * Zambia

Paysend Series B 40 $125.0 U.K.

Remitly corporate round 41 * U.S.

Pesonal Finance

Lili Series B 42 $55.0 Israel

Truebill Series D 43 $45.0 U.S.

Security

Bouncer Stripe 5 * U.S.

Brightsight SGS 5 * Netherlands

Forter Series F 44 $300.0 U.S.

Fraudio seed round 45 $3.3 Netherlands

LoginID corporate round 41 * U.S.

Software

Commerce Layer Series B 25 $16.0 Italy

SpotOn Series D 15 $125.0 U.S.

Zego Global Payments 5 $925.0 U.S.

*Terms not disclosed. 1 Including 8VC. 2 From Architect Capital. 3 Including Revenio Capital. 4 Including Entrée Capital. 5 Acquisition. 6 Including Group 11. 7 Investors not identifi ed. 8 Led by Invictus Growth. 9 Marlin Equity Partners purchased majority stake. 10 Including Affi rm. 11 From Kleiner Perkins. 12 Led by Insight Partners. 13 On Nasdaq. 14 Led by Index Ventures. 15 From SoftBank. 16 Including Brex. 17 Led by Bessemer Venture Partners. 18 Led by Sequoia Capital. 19 Crowdfund. 20 From angel investors. 21 From First Round Capital and LocalGlobe. 22 Led by Craft Ventures. 23 Purchased one-third stake. 24 Including Silverton Partners. 25 Led by Coatue Management. 26 Led by Carrick Capital Partners. 27 Including Mastercard. 28 Including Temasek. 29 From Advent International. 30 Including Bain Capital. 31 Led by Canvas Ventures. 32 From KeyBank. 33 Purchased majority stake. 34 From MFS Africa. 35 From Stellar Development Foundation. 36 Led by Arrington XRP Capital. 37 Led by SVB Capital. 38 Led by 4DX Ventures. 39 Purchased 51% equity stake. 40 Led by One Peak. 41 From Visa. 42 Led by Group 11. 43 Led by Accel. 44 Led by Tiger Global Management. 45 Including Volt. ©2021 Nilson Report

MAY 2021

1 NILSON REPORT Month 20XX Issue 1XXX www.nilsonreport.com NILSON REPORT 15


© 2021 HSN Consultants, Inc. NILSON REPORT All Rights Reserved. Reproducing or allowing reproduction or dissemination of any portion of this newsletter in any manner for any purpose is strictly prohibited and may violate the intellectual property rights of HSN Consultants, Inc. dba Nilson Report.

Message from the Publisher,

On page 14 of this issue you will note an offer for our annual research report. This publication provides a deep, data-driven look at one year in the global payment card industry. In the report you will find larger data sets than those published in the newsletter and statistics on more financial institutions. Most importantly, you’ll also gain the ability to download the data for use in your own research.

David Robertson, Publisher June 16, 2021

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issue 1199 june 2021

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