FEBRUAR 2020 / ISSUE 1169 - FroogalPay · FAST FACTS 1 VISIT US ONLINE AT Order Back Issues / Preview Upcoming Conferences / View Newsletter Archive Posting this issue to a company

4 Investments & Acquisitions—January 2020 5 Card Processors Market Capitalization7 General Purpose Cards Issued in the U.S. 8 Shares of Purchase Volume—U.S. GP Cards

2–3 Fast Facts 4 Investments &

Acquisitions—January 2020

INSIDE CHARTS

Worldline to Buy IngenicoWorldline will spend $8.63 billion (€7.80 billion) in cash and stock to acquire Ingenico. The cash portion amounts to 25% of the purchase price. The deal is expected to be completed by July

NXP Expands NFC PaymentsUltra-Wideband (UWB) technology from NXP Semiconductors delivers spatial knowledge greater than the current level of accuracy found in GPS. Retailers, automobile manufacturers, and

Phone-to-Phone Global Money TransfersCross-border money transfers are a $700- to $800-billion-a-year business on the path to becoming a $1-trillion annual opportunity this decade. Mobile network operators (MNOs) worldwide want

Fraud Fighting for Loyalty ProgramsEcommerce fraud-fighting technology for large enterprises has been the business of Forter since 2013. The company reviewed transactions valued at $150 billion last year with its fully automated

Protecting Against Deep Fakes/Cheap FakesPhotographs and video images manipulated by off-the-shelf or rudimentary editing apps are called “cheap fakes.” Editing apps can remove or modify objects in an image, make it seem the photo or

American Express and Mastercard in ChinaAmerican Express is a year ahead of Mastercard and Visa in establishing domestic card operations in China. It received preliminary approval from the People’s Bank of China (PBOC)

8 Credit Card Outstandings—U.S. 2019 vs. 20189 General Purpose Credit Cards Issued in the U.S.

10 Visa & Mastercard Purchase Transactions & Cards11 Visa & Mastercard Debit/Prepaid/Credit—U.S.

General Purpose Cards—U.S. 2019

Visa, Mastercard, American Express, and Discover brand commercial (including small business), and consumer credit, debit, and prepaid cards issued in the U.S. generated $6.698 trillion in purchase volume (spending for goods and services) in 2019, up 8.5% over 2018. Cash advances on credit cards and cash withdrawals on debit/prepaid cards are not included in that amount.

> see p. 12

> see p. 10

> see p. 5

> see p. 5

> see p. 6

> see p. 6

> see p. 12

> see p. 7

Visa and Mastercard—U.S. 2019Purchase volume tied to consumer and commercial credit, debit, and prepaid Visa and Mastercard cards issued in the U.S. reached $5.732 trillion in 2019, an increase of 9.0% over 2018.

Visa Credit$2.089

up 6.8%

Visa Debit$1.942up 9.8%

MastercardDebit

$0.791up 9.0%

MastercardCredit$0.910up 12.2%

American Express$0.821

up 6.3%

Discover$0.146

up 5.1%

© 2020 The Nilson Report

$6.698Tril.

31%

29%

14%

12%12%

U.S. General Purpose BrandsPurchase Volume in 2019 (Tril.)

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Conferences & Seminars

Seamless Middle East 2020: March 25–26, 2020. The Dubai World Trade Centre, Dubai, U.A.E. Estimated attendance: 10,000. Cost for the two-day conference is $1,500. Subscribers to The Nilson Report will receive a 65% discount. To access this discount book through the following link: http://tiny.cc/seamless-partner-discount. Contact Pearl Crasto at Terrapinn, 971 (4) 440-2537, [email protected]. For more information visit https://bit.ly/2STsi2g.

ICMA Expo 2020: March 29–April 1, 2020. The Saddlebrook Resort, Tampa, Florida. Estimated atten-dance: 350. Cost for the four-day conference is $995 for members and $1,595 for nonmembers. Sponsor-ship and exhibitor opportunities are available. Contact ICMA at (609) 799-4900, [email protected]. Register at www.icmaexpo.com.

Seamless Southern Africa 2020: April 6–8, 2020. The Sandon Convention Center, Johannesburg, South Africa. Estimated attendance: 1,000. Cost for the three-day conference ranges from $472 (R6,950) to $607 (R8,945). Group rates available. Subscribers to The Nilson Report will receive a 20% discount. (Use code Nilson20.) Contact Nkululeko Mpanza at Terrapinn, 27 (11) 516-4051, [email protected]. Register at http://bit.ly/2vOWORt.

SEAA 2020: April 6–8, 2020. The Intercontinental Miami, Miami, Florida. Estimated attendance: 900. Cost for the three-day conference is $125 until April 5, or $175 on-site. Contact John McCormick at General Credit Forms, (314) 216-8600, [email protected]. Register at www.southeastacquirers.com.

INLET, a joint venture of Pitney Bowes and Broadridge Financial, has expanded its bill presentment network to offer clients access to Mastercard Bill Pay Exchange, which helps consumers view, manage, and pay their bills through a variety of payment methods, and receive payment confirma-tion in real time—without leaving their bank’s mobile app or website. Christopher Johnson is CEO at Inlet, [email protected], www.inletdigital.com. Manal Toukan is SVP, Product Management, North America at Mastercard, [email protected], www.mastercard.com.

THE BANCORP BANK will provide back-end banking ser-vices and act as the exclusive Mastercard debit card issuer for digital personal finance company SoFi. Ryan Harris is EVP and Head of Payments Partnerships at The Bancorp, [email protected], www.thebancorp.com. Anthony Noto is CEO at SoFi, [email protected], www.sofi.com.

BLUEFIN will provide PCI-validated point-to-point encryp-tion support to payment provider FroogalPay. That company provides a virtual terminal, invoicing system, and hosted payment pages to merchants, as well as access to 120+ gateways. Greg Cornwell is CRO at Bluefin, [email protected], www.bluefin.com. Jonathan Reinsdorf is CEO at FroogalPay, [email protected], www.froogalpay.com.

INGENICO has integrated Apple Pay support for loyalty programs with its software platforms. Shoppers can make purchases at the point of sale with Face ID or Touch ID on their iPhone and automatically present a merchant’s loyalty card, prepaid card, coupon, or ticket stored in their Apple Wallet. Mark Bunney is Director of Go-To-Market Strategy at Ingenico North America, [email protected], www.ingenico.com.

ASTRA, provider of a platform consumers can access by way of a mobile app to automatically transfer cash between their accounts, has joined Visa’s Fintech Fast Track Program in the U.S. Terry Angelos is SVP and Global Head of Fintech at Visa, [email protected], www.visa.com. Gil Akos is CEO at Astra, [email protected], https://astra.finance.

KABBAGE has integrated custom loan offers to small businesses that use its Kabbage Payments subsidiary to handle accounts receivables. Businesses can choose terms between 3 and 45 days and either repay loans in full or allocate up to 100% of Kabbage Payments revenue towards the balance over a period of time. Kabbage Payments offers unlimited online invoicing, next-day deposits, and no monthly fees. Rob Frohwein is CEO, [email protected], www.kabbage.com.

BIGCOMMERCE, a top provider of SaaS ecommerce plat-form services, has added a suite of multicurrency features to support merchants’ cross-border operations. The features let merchants natively present, transact, and settle purchases in more than 100 foreign currencies through prebuilt integra-tions with payment providers Adyen, Elavon, Klarna, PayPal Express Checkout, and Stripe. BigCommerce will soon add support for Barclaycard, BlueSnap, and PayPal’s Braintree. Jimmy Duvall is Chief Product Officer at BigCommerce, [email protected], www.bigcommerce.com.

FACTOR4 has become the preferred private label prepaid card and loyalty platform provider to payment processor Beyond. Dan Battista is CEO at Factor4, [email protected], www.factor4gift.com. Chad Carr is Chief of Business Tool Products at Beyond, [email protected], www.getbeyond.com.

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SPLITIT PAYMENTS, provider of card-based installment payments mer-chants can offer consumers, will integrate with Stripe Connect, enabling mer-chants to automatically onboard to Splitit’s platform. Currently, that process is undertaken manually. Splitit will pay a small percentage of every transaction processed via Stripe Connect to Stripe. Jeanne DeWitt Grosser is Head of North America Revenue and Growth at Stripe, [email protected], www.stripe.com. Brad Paterson is CEO at Splitit, [email protected], www.splitit.com.

ZELLE NETWORK reports $187 billion in person-to-person payments processed on 743 million transactions in 2019. The monetary value grew 57% year over year, with transactions up 72%. The network is owned and operated by Early Warning Services. Lou Anne Alexander is Chief Product Officer at Early Warning, [email protected], www.earlywarning.com.

MASTERCARD will provide local digital identity and related services, includ-ing digital document signing and verification, to citizens of the Republic of North Macedonia. Bob Reany is EVP, Identity Solutions at Mastercard, [email protected], https://idservice.com.

TELPAY processed over 15.4 million payments valued at $20.7 billion for individuals, financial service providers, and businesses in Canada last year. VoPay will offer a set of tools and APIs to enable Canadian digital platforms to access Telpay. VoPay’s technology validates and authenticates bank account information and financial data at the time of the transaction to help process direct bank account payments. Hamed Arbabi is CEO at VoPay, [email protected], www.vopay.com. Bill Loewen is President at Telpay, [email protected], www.telpay.com.

SILICON VALLEY BANK has launched its Virtual Cards Service in the U.K. in partnership with Mastercard. Brendan Reilly is Head of Product Management, EMEA at SVB U.K., [email protected], www.svb.com. Mark Barnett is Division President, U.K. & Ireland at Mastercard, [email protected], www.mastercard.com.

FISERV and SAP SOLUTIONS have integrated cloud-based SnapPay, an enterprise payment application from First Data, now Fiserv, and SAP digital payments add-on. SAP digital payments add-on supports credit card and other digital payment methods. SnapPay supports accounts receivables and accounts payables at large and midsized companies. Oliver Kroneisen is VP and Head of Financial Operations Development at SAP, [email protected], www.sap.com. Suhas Gosavi is SVP and Head of B2B Payments and eCommerce at Fiserv, [email protected], www.fiserv.com.

GALILEO FINANCIAL TECHNOLOGIES, provider of a payment card management platform used by fintech companies, has opened an office in Mexico City to expand into Latin America. Tory Jackson is In-Country Manager for Mexico, [email protected], www.galileoprocessing.com.

RS2 GROUP has entered into an agreement with MOViiRED Colombia to launch a direct acquiring business, including ecommerce, MOTO, and point-of-sale transactions. In addition, RS2 will issue prepaid cards, loyalty products, and facilitate money transfers in Colombia in partnership with MOViiRED, which uses the RS2 processing platform for issuing and acquiring. Radi El Haj is CEO at RS2, [email protected], www.rs2.com. Hernando Rubio is CEO at MOViiRED, [email protected], www.moviired.co.

PAYONEER, a digital payment platform used by businesses around the world serving over 4 million customers, has deployed the data science platform from Iguazio to predict and prevent fraud using real-time machine learning applications. Yaron Weiss is VP Corporate Security and Global IT Operations at Payoneer, [email protected], www.payoneer.com. Asaf Somekh is CEO at Iguazio, [email protected], www.iguazio.com.

NAJM prepaid cards in the Middle East can be added to Apple Wallets for Apple Pay transactions. The cards are issued by U.A.E.-based Majid Al Futtaim Finance. Cards operate on i2c’s Agile cardholder account processing platform Amir Wain is CEO at i2c, [email protected], www.i2cinc.com. Rasool Hujair is CEO at Majid Al Futtaim Finance, [email protected], www.maf.co.ae.

COMMONWEALTH BANK OF AUSTRALIA and KLARNA will jointly fund and have 50%–50% ownership rights to the installment payment plan provider’s Australian and New Zealand business. CBA also retains the right to partner with Klarna in Indonesia. CBA, Australia’s third largest acquirer, will offer Klarna to its merchants and will integrate Klarna in its mobile banking app for consumers. David Budzevski is Executive Director, Head of Merchant Acquiring Products at Commonwealth Bank, [email protected], www.cba.com.au.

ALOGENT’S Hosted Mobile Deposit Services has been implemented by Mon-ey Mart Financial Services to enable its more than 1 million customers to cash checks from a mobile device and deposit the funds to a bank account or debit card. Alogent’s technology can interface with any mobile app that enables remote deposit capture. Jason Schwabline is Chief Strategy Officer at Alogent, [email protected], www.alogent.com. Mark McNally is EVP Retail at Money Mart, [email protected], www.moneymart.com.

SWISS BANKERS PREPAID SERVICES has launched “Send,” its money transfer service, which leverages the Mastercard Send platform. Consumers can initiate transfers via their “My Card” app to 18 countries where people can receive their money in bank accounts, digital wallets, eligible Mastercard cards, and soon, cash pick-up points. Hans-Jörg Widiger is CEO at Swiss Bankers, [email protected], www.swissbankers.ch. Daniela Massaro is Country Manager at Mastercard Switzerland, [email protected], www.mastercard.com.

© HSN Consultants, Inc. 2019 THE NILSON REPORT 2FEBRUARY 2020 / ISSUE 1169 / THE NILSON REPORT

Peter Stewart has been appointed Executive Vice President & Managing Director, North America at Ingenico, [email protected]. Goeff Seeley has been appointed Chief Marketing Officer at Afterpay, [email protected]. Greg Capone has been appointed Senior Vice President of Customer Success at BlueSnap, [email protected]. Denise Stevens has been appointed Senior Vice President, Chief Product Officer at PSCU, [email protected]. Jed Rice has been appointed Chief Executive Officer at Aliaswire, [email protected]. Francine Ereira has been appointed General Manager of Australia and New Zealand at Klarna, [email protected]. Andy Tierney has been appointed Vice President of Strategic Accounts at Chargebacks911, [email protected].

Management Changes

© 2020 HSN Consultants, Inc. THE NILSON REPORT 3FEBRUARY 2020 / ISSUE 1169 / THE NILSON REPORT

Below is a list of 50 acquisitions and investment transactions (seed, venture, private equity, corporate

round) that occurred in 17 countries in January 2020. Europe led with 21 transactions, followed by 13 each

in the U.S. and Asia-Pacific, 2 in the Middle East, and 1 in Latin America.

The monetary values of 22 of the transactions were not disclosed. The value of the other 28 transactions totaled $4.40 billion. The top deal was the takeover of Global Blue, a payment processor best known for tax-free shopping. Global Blue will list on the New York Stock Exchange when the transaction closes. Ant Financial invested $125 million in the takeover.

Company Buyer/Investor Amount (mil.)

Country

ALTERNATIVE LENDING

AlphaCredit Series B 1 $125.0 Mexico

FastPaye seed funding 2 * U.K.

Klarna Commonwealth Bank of Aus. 3 $200.0 Sweden

Liberis unknown venture round 4 $41.4 U.K.

MoneyTap Series B 5 $70.0 India

PaySense PayU 6 $65.0 India

SteadyPay seed funding 7 $2.9 U.K.

B2B PAYMENTS

AvidXchange Series F 8 $260.0 U.S.

Coniq private equity round 9 $8.3 U.K.

Currencycloud Series E 10 $80.0 U.K.

eNett Wex 6 * U.S.

Entellus Bus. Sol. (NuPay) seed funding 11 * India

Giroxx INTL FCStone 6 * Germany

Iguazio Series C 12 $24.0 Israel

Lightnet Series A 13 $31.2 Thailand

Optal Wex 6 * U.S.

Qonto Series C 14 $115.0 France

Tradeshift Series F 15 $240.0 U.S.

BLOCKCHAIN/ CRYPTOCURRENCY

Banxa Series A 16 $2.0 Australia

Baton Systems Series A 17 $4.0 U.S.

BC Gateways Iress 6 * Australia

BitTrade Kraken 6 * Australia

Securrency Series A 18 $17.7 U.S.

CREDIT BUREAU

Equifax (ECIS) Equifax 19 * India

HARDWARE

Nayax undisclosed venture round 15 $60.0 U.S.

MERCHANT PROCESSING/ACQUIRING

Flutterwave Series B 20 $35.0 U.S.

Global Blue Far Point Acquisition 6 $2,600.0 Switzerland

Kalicom RS2 6 * Germany

KSNet Stonebridge/Payletter 6 $237.0 Korea

Move Your Mountain Cornerstone Pay. Systems 6 * U.S.

Company Buyer/Investor Amount (mil.)

Country

PayMart seed funding 21 * India

Pine Labs corporate round 22 * India

Poplapay Nets 6 * Finland

StoreHub Series A 23 $8.9 Malaysia

Zash DNA Payments 6 * Sweden

MOBILE PAYMENTS

KogoPay seed funding 24 $0.2 U.K.

Lydia Series B 25 $44.0 France

Origami Mercari 6 * Japan

MONEY TRANSFERS

DolEx Dollar Express management buyout 6 * U.S.

PAYMENT CARDS

Crosscard HPE Growth 26 * Luxembourg

Mint (Payroll Card) Edenred 6 * U.A.E.

PERSONAL FINANCE

Choice Financial Raisin 6 * U.S.

U-Nest seed funding 15 $1.5 U.S.

SECURITY

Cybertonica Series A 27 $2.9 U.K.

Very Good Security corporate round 28 * U.S.

SOFTWARE

Flux Systems unknown venture round 29 * U.K.

Gastrofi x Lightspeed POS 6 $100.8 Germany

Linxo Credit Agricole 6 * France

NewStore corporate round 30 $20.0 U.K.

Teller seed funding 15 $4.0 U.K.

*Terms not disclosed. 1 Led by SoftBank. 2 Led by ShopWorks. 3 Joint venture in Australia. 4 Led by FTV Capital. 5 Led by Aquiline Technology Growth. 6 Acquisition. 7 Led by Hambro Perks. 8 Led by TPG Sixth Street Partners. 9 Including Guinness Asset Management. 10 Including Visa. 11 Led by Venture Catalysts. 12 Including Samsung SDS. 13 Led by UOB Venture Management. 14 Led by Tencent. 15 Investors not disclosed. 16 Led by NGC Ventures. 17 From Illuminate Financial. 18 Led by WisdomTree. 19 Purchased remaining shares it did not already own. 20 Including Visa and Worldpay. 21 From CIIE. 22 From Mastercard. 23 Led by Vertex Ventures. 24 On Crowdcube. 25 Including Tencent. 26 Spinoff from Ppro Group. 27 Led by Force Over Mass Capital. 28 From Visa. 29 From Barclays Ventures. 30 Including Salesforce Ventures.


Investments & Acquisitions January 2020

Investments & Acquisitions—January 2020

Europe led with 21 of the 50 transactions last month.



video was captured somewhere other than where it occurred, allow for a “rebroadcast,” which is taking a picture of an existing picture, and change any or all of the metadata included in digital images such as the time, date, camera model, etc.

Verifying the authenticity of digital photos and videos, already a societal problem in several democracies, is about to get worse in the U.S. where

an election for President will take place in November of this year. Adversaries of the U.S., including the governments of Russia, China, Iran, and North Korea, as well as domestic operatives associated with

political causes, will deploy cheap fakes to deceitful aims. Some will create

more sophisticated manipulations of photos and videos using artificial intelligence. These are called “deep fakes.” They victimize by showing people doing or saying something they never did.

Cheap fakes are likely to cause the most harm because they will be ubiquitous. More than two trillion images are added to social networks annually. There is no technology on the market capable of identifying cheap fakes in real time, at scale, when uploaded to social networks. There is good reason to believe that identifying cheap fakes at scale is many years away, owing to the way JPEG files work, as well as the modification and compression caused by

2020. Worldline shareholders will own roughly 65% of the new company, which will have annual revenue in the $5.75-billion range. Ingenico shareholders will receive a 17% premium over the stock’s

last closing price. Worldline is also offering to buy bonds that are convertible into Ingenico shares.

Worldline is Europe’s ninth largest merchant acquirer. Ingenico’s merchant acquiring assets include its Payone joint venture with DSV, the German Savings Bank group. Worldline Merchant Services’ existing business in Germany and Austria will be added to Payone. Ingenico also brings merchant acquiring relationships in the U.S., Latin America, and Asia-Pacific, as well as connections to over 300

payment methods worldwide. The new Worldline expects Merchant Services will account for 49% of annual revenue.

Worldline’s bigger geographic footprint and its equensWorldline cardholder account processing assets position it as a stronger competitor to Fiserv, FIS Global, and Global Payments, which are larger companies with merchant and cardholder account processing businesses.

Ingenico has been the largest seller of POS terminals in the world for 12 years. It ships over 14 million devices annually. Worldline manufactures its own terminals.

Previous Worldline acquisitions include the 2018 takeover of merchant and cardholder account processor Six Payment Services for $2.75 billion (€2.30 billion) and the 2017 takeovers of payment service provider Digital River World Payments (terms not disclosed) and First Data’s

Baltic region merchant acquiring business for $84.7 million (€73 million).Gilles Grapinet is Chief Executive

Officer at Worldline in Paris, France,

[email protected],

www.worldline.com.

Deep fakes use AI to manipulate photos and videos.

1Private label prepaid. © 2019 The Nilson Report

Company Value (bil.)

FIS Global $ 93.86

Fiserv $ 81.24

Global Payments $ 60.47

Square $ 34.85

Adyen $ 26.54

Worldline/Ingenico 1 $ 22.10

Wirecard $ 19.62

Stone $ 11.65

PagSeguro $ 10.91

Nexi $ 9.26

As of February 13, 2020. 1 Estimate.© 2020 The Nilson Report

Card ProcessorsMarket Capitalization

Protecting Against Deep Fakes/Cheap Fakes from page 1...

> see p. 6

Worldline to Buy Ingenico from page 1...


in. Samsung SDS and Syniverse are creating a platform MNOs

can use to offer consumers mobile wallet-based cross-border money transfers, as well as in-country person-to-person payments,

person-to-business payments, and business-to-business payments.

Syniverse connects most MNOs operating worldwide to its clearing and settlement service, which allows for billing voice and data services on the more than seven billion mobile phones worldwide when they roam between networks. Samsung sells phones and tablets

to those same companies. The Syniverse intercarrier clearing and settlement service, which has an integrated foreign currency exchange engine, is not connected to the internet.

Samsung SDS will contribute to the partnership its proprietary Nexledger enterprise blockchain platform. Samsung SDS figured out a way to accelerate

others can use UWB for access control, mass transit, home-based IoT, retail, automotive location-based marketing, and more, including NFC-based mobile payments.

When incorporated in NXP chips, UWB enables NFC-based payments without any tapping of a card or phone. Sony and NTT Docomo, the largest mobile network operator in Japan, recently conducted demonstration tests involving mobile payment, location-based ads, and smart key applications.

NXP, Sony, and Docomo are members of the FiRa Consortium, which is comprised of working groups

dedicated to the development of UWB technology.

The group is looking for new members interested in payments—

in-store, drive-in, drive-out, in-house, IoT, etc.

Charles Dachs is VP, Mobile Transactions, NFC Wallet

at NXP Semiconductors in San Jose, California, charles.

[email protected], www.nxp.com.

uploading and sharing images across the internet.

The damage of cheap fakes is not limited to political civility. Hundreds of businesses, including insurance companies, alternative lenders, and ride-sharing companies, use uploaded videos and photos to help verify information on consumer job and credit applications, assets claimed by a prospective commercial borrower such as inventory and vehicles, and regulatory compliance requirements for opening a new bank account.

Truepic provides a specialized camera app using its patented Controlled Capture technology that can be used to verify the

authenticity of photos and video. However, this is possible only when businesses download the Truepic app to the mobile device of their customer.

After downloading the app, users take a photograph or several photographs requested by Truepic’s client. From the instant the user presses the capture button, every link in the chain of custody of the image is logged and verified and written into the bitcoin or ethereum blockchains outside Truepic’s control. Truepic verifies the origin, pixel content, and metadata of an image in less than seven seconds. Among other uses, Controlled Capture technology can verify that the image in a

photograph is located where applicants say it is down to within five meters. Some clients ask their customers to take a selfie holding their driver’s license. Information provided by Truepic can be cross-referenced with information provided in an application, insurance claim, etc.

The Truepic technology could be used in merchant acquiring when onboarding new merchants to replace costly onsite inspections. Truepic has clients in 120 countries. It has received 10 patents and has pending applications on 9 others. Craig Stack is CEO at Truepic in La

Jolla, California, [email protected],

www.truepic.com.

Phone-to-Phone Global Money Transfers from page 1...

NXP Expands NFC Payments from page 1...

Protecting Against Deep Fakes/Cheap Fakes from page 5...


http://www.nxp.com

http://www.truepic.com


Visa debit (including prepaid) card purchase volume increased 9.8% to $1.942 trillion. Visa credit card purchase volume grew 6.8% to $2.089 trillion. Mastercard credit card purchase volume grew 12.2% to $910.00 billion and Mastercard debit (including

prepaid) card purchase volume grew 9.0% to $790.51 billion. American Express grew 6.3% to $820.59 billion. Discover grew 5.1% to $146.18 billion.

verification of transactions within its blockchain to 10,000 per second. Nexledger will work with the Syniverse permission-based blockchain that supports clearing and settlement services. Both blockchains are built to the Hyperledger open source protocol.

The Samsung SDS/Syniverse mobile payment platform will be

wallet and application agnostic. It will provide MNOs all anti-money laundering and know your customer regulatory compliance as well as fraud-fighting services.

The partners will begin a pilot test in the second or third quarter of this year. The transactions will

originate in the U.S. and be completed in another country.

Samsung SDS and Syniverse say their platform will be more successful in fighting fraud than the mobile wallets currently available from MNOs in Africa and

Asia. Samsung created the highly regarded Blockchain Keystore security

technology used in Samsung Galaxy phones.

The partners expect merchants will find accepting payments from MNO-branded wallets desirable because they will be less expensive than handling global brand card payments in-store or online.

The Samsung SDS Nexledger blockchain has been in use in South Korea with 18 financial institutions that use it to provide digital certificates they all accept as valid authentication for more than 100,000 users. Ted Kim is Senior VP, Head of

Blockchain Team at Samsung SDS

America in San Jose, California,

[email protected],

www.samsungsds.com.

Chris Rivera is Chief Technology

Officer at Syniverse in Tampa,

Florida, [email protected],

www.syniverse.com.

...will begin a proof-of-concept test in the 2nd or 3rd quarter.

Some prior year fi gures have been restated. Use percent change fi gures shown to calculate new 2018 fi gures. American Express and Discover include business from third-party issuers. Figures include PIN-based debit card fi gures for Visa (Interlink) and Mastercard to match their reporting. However, card fi gures for Visa do not include Plus cards that are not Visa cards. © 2020 The Nilson Report

Dollar Volume (bil.) Transactions (bil.) CardsBrand/Card Type Total Chg. Purchases Chg. Cash Chg. Total Chg. Purchases Chg. (mil.) Chg.

Visa Credit $ 2,146.05 6.6% $ 2,088.88 6.8% $ 57.17 1.8% 25.54 6.6% 25.47 6.7% 333.1 0.9%

Mastercard Credit $ 948.38 12.1% $ 910.00 12.2% $ 38.38 8.7% 10.33 13.4% 10.29 13.5% 243.0 7.0%

American Express Credit $ 827.70 6.4% $ 820.59 6.3% $ 7.11 21.5% 5.95 9.4% 5.90 9.4% 54.7 1.9%

Discover Credit $ 160.28 4.9% $ 146.18 5.1% $ 14.10 2.2% 2.78 9.8% 2.72 10.0% 60.1 5.1%

CREDIT CARD TOTALS $ 4,082.42 7.7% $ 3,965.65 7.8% $ 116.76 5.1% 44.60 8.7% 44.39 8.7% 690.9 3.4%

Visa Debit & Prepaid $ 2,464.55 8.0% $ 1,942.11 9.8% $ 522.44 1.8% 51.55 6.3% 47.90 7.1% 569.0 1.4%

Mastercard Debit & Prepaid $ 989.15 7.2% $ 790.51 9.0% $ 198.64 0.6% 21.09 7.4% 19.80 8.1% 230.0 9.5%

DEBIT CARD TOTALS $ 3,453.70 7.8% $ 2,732.62 9.6% $ 721.08 1.5% 72.63 6.6% 67.70 7.4% 799.0 3.6%

CREDIT & DEBIT TOTALS $ 7,536.12 7.8% $ 6,698.27 8.5% $ 837.84 2.0% 117.23 7.4% 112.09 7.9% 1,489.9 3.5%

General Purpose Cards Issued in the U.S. 2019 vs. 2018

> see p. 8

General Purpose Cards—U.S. 2019 from page 1


http://www.samsungsds.com

http://www.syniverse.com

Mastercard’s combined credit, debit, and prepaid purchase volume market share for 2019 grew by 49 basis points (bps) to 25.39%. American Express slipped 25 bps to 12.25%. Visa’s combined credit, debit, and prepaid purchase volume market share declined by 17 bps to 60.18%. Discover’s share dipped 7 bps to 2.18%.

Combined Visa and Mastercard debit/prepaid card purchase volume of $2.733 trillion grew 9.6%. Visa’s market share of 71.07% was up 17 basis points from 2018.

Combined Visa, Mastercard, American Express, and Discover credit card purchase volume of $3.966 trillion grew 7.8%. Mastercard’s share increased 90 bps to 22.95%, Visa’s share dropped 51 bps to 52.67%. American Express dropped 29 bps to 20.69%, and Discover slipped 9 bps to 3.69%.

Credit card outstandings tied to Visa, Mastercard, Discover, and American Express consumer and commercial credit cards at $1.018 trillion on December 31, 2019, increased 4.6% from 2018. Discover had the highest percentage increase, up 5.9%.

Purchase transactions on Visa and Mastercard debit/prepaid cards reached 67.70 billion, up 7.4%. Credit purchase transactions on Visa, Mastercard, American Express, and Discover cards reached 44.39 billion, up 8.7%.

The market share of debit/prepaid card purchase transactions as a percent of all credit and debit/prepaid card purchase transactions declined after having increased slightly the prior year. The market share of debit/prepaid card transactions versus combined credit/debit

transactions was 60.40% for 2019, down from 60.70% in 2018.

Debit card purchase volume of $2.733 trillion amounted to 40.80% of combined credit, debit, and prepaid purchase volume, up 39 bps from 40.40% in 2018.

Last year, the average purchase amount for a credit card transaction was $89.34 compared to $90.09 in 2018. American Express’s average purchase amount

was $139.00. The average credit card purchase amount was $82.00 for Visa, $88.40 for Mastercard, and $53.80 for Discover.

Debit card purchases averaged $40.36 last year compared to $39.55 in 2018. Visa debit card purchases averaged $40.55. For Mastercard they averaged $39.92.

This year we have changed the acceptance locations category for Visa, Mastercard, American Express, and Discover shown in the table on page 9. The category has been renamed merchant acceptance locations. This excludes approximately 600,000 ATMs and bank/credit union branches where cardholders (Visa and Mastercard) can receive cash.

The actual number of merchants accepting card payments for goods and services from all four networks is at least two million more than is shown in our merchant acceptance locations category. None of the networks know the exact number of businesses that accept card payments selling on marketplaces such as eBay, Poshmark, Etsy, and others. What’s more, there are additional millions of micromerchants that accept card payments for their part-time businesses.

Prior issues: 1147, 1125, 1103


2019 2018 Pct. Chg.Brand (bil.) Share (bil.) Share ‘19 vs. ‘18

Visa $ 492.05 48.31% $ 471.13 48.41% 4.4%

Mastercard $ 325.18 31.93% $ 309.51 31.80% 5.1%

American Express $ 124.03 12.18% $ 119.79 12.31% 3.5%

Discover $ 77.18 7.58% $ 72.88 7.49% 5.9%

TOTAL $1,018.45 100.00% $ 973.32 100.00% 4.6%

Credit Card Outstandings – U.S. ‘19 vs. ‘18

General Purpose Cards—U.S. 2019 from page 7

$3.966Tril.

Credit Cards Only

Visa 52.7% –51

Mastercard 22.9% 90

Amex 20.7% –29

Discover 3.7% –9

Basis Pt.Type Share Change

$6.698Tril.

Visa 60.2% –17

Mastercard 25.4% 49

Amex 12.2% –25

Discover 2.2% –7

Credit & Debit Cards Basis Pt.Type Share Change

Shares of Purchase Volume onU.S. General Purpose Cards 2019with Change in Basis Points vs. 2018





Visa Mastercard American Express Discover TotalCategory 2019 Chg. 2019 Chg. 2019 Chg. 2019 Chg. 2019 Chg.

Merchant Acceptance Locations (mil.) 10.7 — 10.7 — 10.6 — 10.6 — 10.7 —

Cardholders (mil.) 125.6 0.4% 99.9 1.0% 38.5 1.1% 45.7 2.7% 161.8 1.0%

Cards (mil.) 333.1 0.9% 243.0 7.0% 54.7 1.9% 60.1 5.1% 690.9 3.4%

Per Cardholder 2.65 0.5% 2.43 6.0% 1.42 0.8% 1.31 2.4% 4.27 2.4%

Per Account 1.22 0.3% 1.20 1.9% 1.27 0.2% 1.18 2.1% 1.21 1.0%

Total Accounts (mil.) 273.6 0.6% 203.1 5.0% 43.0 1.7% 50.9 2.9% 570.6 2.4%

Per Cardholder 2.18 0.2% 2.03 4.0% 1.12 0.6% 1.11 0.2% 3.53 1.4%

Active Accounts 158.9 0.9% 118.2 5.6% 28.9 3.0% 23.7 4.5% 329.6 3.0%

Percent Active 58.06% 18 bps 58.20% 34 bps 67.10% 90 bps 46.54% 70 bps 57.76% 33 bps

Total Transactions (mil.) 25,535.7 6.6% 10,329.7 13.4% 5,954.7 9.4% 2,776.1 9.8% 44,596.1 8.7%

Per Account 93 6.0% 87 7.4% 138 7.7% 55 6.7% 78 6.2%

Average Amount $84 0.0% $92 –1.2% $139 –2.8% $58 –4.5% $92 –0.9%

Purchase Transactions (mil.) 25,474.8 6.7% 10,294.0 13.5% 5,903.5 9.4% 2,717.0 10.0% 44,389.3 8.7%

Percent of Total Transactions 99.76% 2 bps 99.65% 3 bps 99.14% –5 bps 97.87% 18 bps 99.54% 2 bps

Average Amount $82 0.1% $88 –1.1% $139 –2.8% $54 –4.5% $89 –0.8%

Cash Advance Transactions (mil.) 60.9 –0.2% 35.7 5.0% 51.2 16.3% 59.1 1.2% 206.8 4.8%

Percent of Total Transactions 0.24% –2 bps 0.35% –3 bps 0.86% 5 bps 2.13% –18 bps 0.46% –2 bps

Average Amount $939 2.0% $1,075 3.5% $139 4.5% $239 1.0% $564 0.3%

Total Volume (bil.) $ 2,146.05 6.6% $ 948.38 12.1% $ 827.70 6.4% $ 160.28 4.9% $ 4,082.42 7.7%

Per Card $6,443 5.7% $3,903 4.7% $15,132 4.5% $2,669 –0.2% $5,909 4.2%

Per Account $7,844 6.0% $4,670 6.7% $19,249 4.7% $3,149 1.9% $7,155 5.2%

Purchase Volume (bil.) $ 2,088.88 6.8% $ 910.00 12.2% $ 820.59 6.3% $ 146.18 5.1% $ 3,965.65 7.8%

Percent of Total Volume 97.34% 13 bps 95.95% 13 bps 99.14% –11 bps 91.20% 23 bps 97.14% 7 bps

Cash Advance Volume (bil.) $ 57.17 1.8% $ 38.38 8.7% $ 7.11 21.5% $ 14.10 2.2% $ 116.76 5.1%

Percent of Total Volume 2.66% –13 bps 4.05% –13 bps 0.86% 11 bps 8.80% –23 bps 2.86% –7 bps

Outstandings (bil.) $ 492.05 4.4% $ 325.18 5.1% $ 124.03 3.5% $ 77.18 5.9% $ 1,018.45 4.6%

Percent of Total Volume 22.93% –49 bps 34.29% –229 bps 14.99% –42 bps 48.15% 47 bps 24.95% –74 bps

Per Card $1,477 3.5% $1,338 –1.9% $2,268 1.7% $1,285 0.7% $1,474 1.1%

Delinquencies (bil.) $ 13.24 8.5% $ 8.81 9.5% $ 1.91 13.9% $ 2.02 13.9% $ 25.98 9.6%

Percent of Outstandings 2.69% 10 bps 2.71% 11 bps 1.54% 14 bps 2.62% 18 bps 2.55% 12 bps

Gross Charge-Off s (bil.) $ 22.34 6.2% $ 15.35 10.6% $ 3.31 12.8% $ 3.17 15.8% $ 44.16 8.8%


Percent of Total Volume 1.04% 0 bps 1.62% –2 bps 0.40% 2 bps 1.98% 19 bps 1.08% 1 bps

Recoveries (bil.) $ 3.40 6.6% $ 2.50 3.4% $ 0.64 14.1% $ 0.67 28.8% $ 7.21 7.8%

Percent of Gross Charge-Off s 15.20% 6 bps 16.31% –114 bps 19.45% 24 bps 21.20% 214 bps 16.34% –16 bps

Net Charge-Off s (bil.) $ 18.94 6.1% $ 12.84 12.2% $ 2.67 12.4% $ 2.49 12.7% $ 36.95 9.0%


Percent of Total Volume 0.88% 0 bps 1.35% 0 bps 0.32% 2 bps 1.56% 11 bps 0.91% 1 bps

Credit/Nonfraud (bil.) $ 17.46 6.2% $ 12.01 12.3% $ 2.46 13.0% $ 2.41 13.3% $ 34.35 9.2%


Net Fraud Loss (bil.) $ 1.48 5.1% $ 0.83 10.8% $ 0.21 6.4% $ 0.08 –1.4% $ 2.60 6.8%


General Purpose Credit Cards Issued in the U.S.


For Visa, purchase volume was up 8.2% to $4.031 trillion. Mastercard had a purchase volume increase of

10.7% to $1.701 trillion. Purchase volume market share for Visa was 70.33%, down from 70.79% in 2018. Mastercard’s market share grew to 29.67% in 2019.

Credit card purchase volume for Visa was up 6.8% to $2.089 trillion. That brand’s debit and prepaid card purchase volume, which includes PIN-based Interlink, increased 9.8% to $1.942 trillion.

Credit card purchase volume for Mastercard grew 12.2% and reached $910.00 billion. Debit and prepaid card purchase volume for Mastercard was up 9.0% to $790.51 billion.

Combined purchase volume for Visa and Mastercard credit cards was $2.999 trillion, an increase of 8.4% from 2018.

Combined Visa and Mastercard purchase volume for signature and PIN-based debit and prepaid cards was $2.733 trillion, an increase of 9.6%. Debit and prepaid cards accounted for 47.68% of combined Visa and Mastercard purchase

volume (including credit), an increase from 47.40% in 2018.

Credit card cash advances (including balance transfers) for Visa and Mastercard combined totaled $95.55 billion and accounted for 3.09% of their total credit card volume (purchases and cash). This was a decline from 3.20% in 2018, and marked back-to-back years in which cash advances as a percentage of total volume registered an all-time low in the history of the U.S. credit card industry. Mastercard

and Visa cash advances combined amounted to $91.47 billion in 2018, down 1.2% from 2017.

Visa cash advance volume equaled 2.66% of the brand’s total credit card volume, a decline from 2.79% in 2018. Cash advances for Mastercard equaled 4.05% of the brand’s total credit card volume, a decline from 4.17% in 2018.

Combined Visa and Mastercard credit card outstandings increased 4.7% to $817.23 billion as of December 31, 2019. Visa issuers grew 4.4% to $492.05 billion. Mastercard issuers grew 5.1% to $325.18 billion. Visa accounted for 60.21% of combined Mastercard and Visa outstandings, a decline from 60.35% in 2018.

Visa and Mastercard credit card purchase

transactions combined reached 35.87 billion, up 8.5% over 2018. Mastercard and Visa signature and PIN-based debit and prepaid card purchase transactions combined reached 67.70 billion, up 7.4%.

Credit cards accounted for a 34.57% market share of all Visa and Mastercard purchase transactions, with debit/prepaid cards accounting for the other 65.43%. Credit cards held a 34.33% share of total purchase transactions in 2018.

Visa’s share of combined Mastercard and Visa credit,

50

45

40

35

30

25

20

15

10

5

‘19‘18‘17‘16‘15‘14‘13‘12‘11‘10‘09‘08‘07‘06‘05‘04

©2020 The Nilson Report

Purchase Transactions on Mastercard & Visa Credit & Debit Cards (Bil.)

VisaDebit

VisaCredit

Mastercard Debit

MastercardCredit

‘08

’09

’10

’11

’12

’13

’14

’15

’16

’17

’18

’19333 569

243 230

330 561

227 210

333 518

211 199

311 511

200 191

304 468

190 183

281 466

181 172

254 431

175 157

245 416

175 136

234 382

176 133

240 393

171 123

270 341

192 123

304 323

260 124

Cards in Circulation (Mil.)Visa vs. Mastercard


CREDIT DEBITYEAR

Visa and Mastercard—U.S. 2019 from page 1



debit, and prepaid card purchase transactions was 70.91%, a drop from 71.46% the prior year.

Visa’s share of combined Mastercard and Visa credit card purchase transactions was 71.22%, a drop from 72.47% the prior year.

Visa’s share of combined Mastercard and Visa debit card purchase transactions was 70.75%, a drop from 70.94% the prior year.

Mastercard and Visa credit, debit, and prepaid cards in circulation totaling 1.38 billion as of December 31, 2019, increased 3.5%. This was a gain of 47.1 million cards.

Credit cards in circulation with Visa and Mastercard brands were up 3.4% to 576.1 million, an increase of 19.1 million cards. Credit cards accounted for 41.90% of all Mastercard and Visa cards issued in the U.S., which was down from 41.94% in 2018.

Visa and Mastercard debit and prepaid cards in circulation were up 3.6% to 799.0 million, an increase of 28.0 million over 2018.

Cards in circulation with the Visa brand grew by 11.1 million, while those with the Mastercard brand grew by 36.0 million. Versus Mastercard, Visa’s share of credit, debit, and prepaid cards in circulation was 65.60%, a decline from 67.09% at the end of 2018.

Visa added 3.1 million credit cards and 8.0 million debit and prepaid cards during 2019. Credit cards accounted for 36.92% of all Visa cards in circulation in the U.S. at year-end 2019, down from 37.04% at year-end 2018.

Mastercard added 16.0 million credit cards. Mastercard debit cards in circulation in the U.S. increased by 20.0 million. Credit cards accounted for 51.37% of all Mastercard cards in circulation in the U.S. at year-end 2019, down from 51.95% at year-end 2018.

Prior issues: 1147, 1125, 1103, 1080© 2020 The Nilson Report

Visa Mastercard TotalCategory 2019 Chg. 2019 Chg. 2019 Chg.

Cards (mil.) 902.1 1.2% 473.0 8.2% 1,375.1 3.5%

Total Accounts (mil.) 749.6 1.7% 411.1 7.2% 1,160.7 3.6%

Active Accounts 440.5 1.7% 239.9 8.7% 680.4 4.1%

Percent Active 58.76% –1 bps 58.35% 80 bps 58.62% 26 bps

Total Transactions (mil.) 77,083.9 6.4% 31,415.4 9.3% 108,499.3 7.2%

Per Account 103 4.6% 76 2.0% 93 3.5%

Average Amount $60 0.9% $62 0.2% $60 0.7%

Purchase Transactions (mil.) 73,372.5 6.9% 30,095.0 9.8% 103,467.5 7.8%

Percent of Total Transactions 95.19% 50 bps 95.80% 44 bps 95.36% 48 bps

Average Amount $55 1.2% $57 0.8% $55 1.1%

Cash Adv. & Withdrawal Trans. (mil.) 3,711.5 –3.5% 1,320.4 –0.9% 5,031.9 –2.9%

Percent of Total Transactions 4.81% –50 bps 4.20% –44 bps 4.64% –48 bps

Average Amount $156 5.6% $180 2.8% $162 4.9%

Total Volume (bil.) $4,610.60 7.4% $1,937.53 9.5% $6,548.13 8.0%

Per Account $6,151 5.6% $4,713 2.1% $5,642 4.3%

Purchase Volume (bil.) $4,030.99 8.2% $1,700.51 10.7% $5,731.50 9.0%

Percent of Total Volume 87.43% 69 bps 87.77% 92 bps 87.53% 76 bps

Cash Adv. & Withdrawal Volume (bil.) $ 579.61 1.8% $ 237.02 1.8% $ 816.63 1.8%

Percent of Total Volume 12.57% –69 bps 12.23% –92 bps 12.47% –76 bps

Visa and Mastercard—U.S. Credit, Debit & Prepaid


Visa Mastercard TotalCategory 2019 Chg. 2019 Chg. 2019 Chg.

Cards (mil.) 569.0 1.4% 230.0 9.5% 799.0 3.6%

Total Accounts (mil.) 476.0 2.4% 208.0 9.5% 684.0 4.4%

Active Accounts 281.6 2.1% 121.7 11.9% 403.3 4.9%

Percent Active 59.17% –13 bps 58.50% 126 bps 58.97% 26 bps

Total Transactions (mil.) 51,548.3 6.3% 21,085.7 7.4% 72,634.0 6.6%

Per Account 108 3.8% 101 –1.8% 106 2.1%

Average Amount $48 1.7% $47 –0.2% $48 1.1%

Purchase Transactions (mil.) 47,897.7 7.1% 19,801.0 8.1% 67,698.7 7.4%

Percent of Total Trans. 92.92% 72 bps 93.91% 53 bps 93.21% 67 bps

Average Amount $41 2.6% $40 0.8% $40 2.1%

Cash Withdrawal Trans. (mil.) 3,650.6 –3.6% 1,284.7 –1.1% 4,935.3 –3.0%

Percent of Total Trans. 7.08% –72 bps 6.09% –53 bps 6.79% –67 bps

Average Amount $143 5.6% $155 1.7% $146 4.6%

Total Volume (bil.) $ 2,464.55 8.0% $ 989.15 7.2% $ 3,453.70 7.8%

Per Account $5,178 5.6% $4,756 –2.1% $5,049 3.2%

Purchase Volume (bil.) $ 1,942.11 9.8% $ 790.51 9.0% $ 2,732.62 9.6%

Percent of Total Volume 78.80% 129 bps 79.92% 131 bps 79.12% 129 bps

Cash Withdrawal Vol. (bil.) $ 522.44 1.8% $ 198.64 0.6% $ 721.08 1.5%

Percent of Total Volume 21.20% –129 bps 20.08% –131 bps 20.88% –129 bps

Visa and Mastercard—U.S. Debit & Prepaid Cards


platform that eliminates all manual intervention or use of any special tools that address single issues such as new account fraud.

Forter recently upgraded its platform protection to better address loyalty program fraud. As fraud fighting for ecommerce and other card-not-present payments improves every year, making it more challenging for criminals to beat the system, criminals are moving toward loyalty programs

because fewer companies have deployed the resources required to protect those assets.

Reward points from airlines, hospitality providers, retailers, on-demand restaurants, and other companies have become increasingly desirable because they can be redeemed in multiple ways. The

accumulated value of loyalty points in the U.S. could exceed $100 billion. Criminals now sell loyalty points

on the dark web as easily as they sell stolen payment card account numbers.

Forter can protect loyalty programs from sign-up to

account access and transfer/redemption of points. Protection includes the growing trend of policy abuse of coupons and promotion codes in addition to account takeover and new account fraud.

In the U.S., Forter has information related to 191 million U.S. consumers and uses it to support risk decisions in real time. Globally, Forter maintains a database of fraudulent and legitimate user behavior on over 620 million consumers. Angela Whiteford is Chief Marketing Officer at

Forter in New York, [email protected],

www.forter.com.

Prior issue: 1071

for a bank card clearing institute license in November 2018. Amex spent the following year working with its joint venture (JV) partner

in China, Lianlian Yintong Electronic

Payment Company, to create the infrastructure needed to

clear and settle card transactions

denominated in renminbi. In the fourth quarter of 2019,

Amex and Lianlian received permission from the PBOC to apply to multiple regulatory agencies for a business operating

license. The JV has six months to begin processing renminbi-denominated card transactions.

The recently signed global trade agreement between the United States and China mentioned Visa and Mastercard by name. Both companies have waited since 2006 to gain access to the domestic payment card market in China.

Mastercard NUCC Information Technology, a joint venture of Mastercard and NetsUnion

Clearing Corporation (NUCC), has just received in-principle approval from the PBOC to begin formal preparations to set up a domestic card clearing and settlement business.

The JV will spend up to a year building the needed infrastructure before applying for a business operating license.

Visa expects in-principle approval for its domestic China business will soon be announced by the PBOC.

Prior issues: 1162, 1148, 1143

The accumulated value of loyalty points in the U.S. exceeds $100 bil.

American Express and Mastercard in China from page 1...

Fraud Fighting for Loyalty Programs from page 1...


© 2020 HSN Consultants, Inc. THE 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 The Nilson Report.

David Robertson, PublisherFebruary 17, 2020

http://www.forter.com


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