ISSUE 1250 OCTOBER 2023

ARTICLES IN THIS ISSUE

p5  he 150 Largest Merchant

T p12  ousehold Debt and Credit
H
Acquirers Worldwide Cards in the US

p7  merican Express is First Issuer

A p14 Experian Digital Debit Card
to Add Biometrics to 3-D Secure
p14  .S. Bank Integrates with
U
p8 POS Terminal Shipments Software Providers

TRANSACTIONS (BIL.) IN 2022

Largest Merchant Acquiring

Portfolios Worldwide
The eight acquirers listed below processed 225.87 billion transactions in 2022. This represented
48.4% of transactions generated by the top 150 worldwide.
Read full article on page 5

JPMORGAN GLOBAL CHINA

CHASE WORLDPAY SBERBANK FISERV PAYMENTS UMS WORLDLINE NEXI

44.2 43.5 42.1 37.6

19.7 14.1 12.9 11.8

© 2023 Nilson Report

FOR 53 YEARS, THE LEADING PUBLICATION COVERING PAYMENT SYSTEMS WORLDWIDE

 CONTENTS
COVER STORY

The150 Largest Merchant The top 10 processed

Acquirers Worldwide 245.06 billion transactions,
Total transactions—global and domestic card brands
combined—processed by this group reached 466.89 billion in accounting for 52.5% of all
2022, up 12.1% from 2021.
transactions for the top 150
p5

American Express is First Issuer to

add Biometrics to 3-D Secure
Because SMS messages are susceptible to social engineering U.S. Bank Integrates with
fraud, all large issuers are looking for an alternative solution. Software Providers
p7
The bank will provide an online marketplace of vetted software
providers its customers can connect to via APIs.
p14
POS Terminal Shipments
Worldwide son Rep
New Nil tion
ort

Publi ca
Point-of-sale terminal shipments worldwide reached 148.3 W
BLE NO
million in 2022, an increase of 4.5% over 2021. AVAIL A
p8 Top Card Issuers and
Merchant Acquirers
Worldwide
Credit card debt accounted for 15th edition

6.5%
 ore than 150 pages list 1,370 financial institutions
M
in 120 countries

 ow available to read, search, print and download

N
of US household debt at year end 2022, using our PDF viewer

up from 5.8% in 2021.  5 downloadable datasets in Excel

6
format—our most requested feature

www.nilsonreport.com/research
Household Debt and Credit Cards
in the US
Credit card debt per household of $9,566 at the end of 2022
was up 15.4% from 2021. REGULAR FEATURES
p12
p15 Investments & Acquisitions

Experian Digital Debit Card p16 Publicly Traded Companies

Users are promised that all payments for eligible bills will
be added to their Experian credit report.
p14 FEATURED IN OUR UPCOMING ISSUE

Top 150 Credit Card Issuers

Worldwide
PHOTO CREDITS: Cover and Back Page Albert Stoynov on Unsplash; Statistics include outstanding receivables for each issuer as of
p2 Bruno Fatori (left) and Yi Wei (right) on Unsplash; p5 Jutharat December 31, 2022, as well as the top 10 countries for credit
Suanprang on Unsplash; p12 Clark Van Der Beken on Unsplash card outstandings.
First Look News in brief on payment industry trends around the world.

MASTERCARD has added two new PAYZEN, a fintech focused on making TRUSTECH, November 28-30, 2023,
rewards for eligible World Mastercard healthcare more affordable through Paris, France. Global Innovative
and World Elite Mastercard cardholders. the use of AI, has launched the PayZen Payments, Identification and Security
Those who are new to Instacart will Care Card in partnership with Geisinger Solutions. The annual meeting place of
receive a two-month free trial and $10 off and University of Texas Medical Branch. the card and trust technology industries.
their second eligible Instacart purchase Providers can offer the Care Card to This event is a mix between trade
each month. Those who are new to patients ahead of scheduled procedures, show and conference with over 200
Peacock’s streaming service will get at point of care, or for longer care cycles international exhibitors and around 150
either a $3 credit (World Mastercard) or such as dialysis or cancer treatments. international speakers covering the
a $5 credit (World Elite Mastercard) on The card provides patients with zero- latest technologies and trends in the
their monthly statement. interest options for payments made in fields of payments & identification. For
Seema Chibber is EVP of Credit, North America at multiple installments. PayZen funds the more information click here.
Mastercard, seema_chibber@mastercard.com, provider upfront.
www.mastercard.com. Tobias Mezger is COO at PayZen, tobias@payzen.com, DOCK, a Brazil-based B2B company and
www.payzen.com. regulated payment institution, has added
GALILEO FINANCIAL TECHNOLOGIES will Tenpo as a customer in Chile. Tenpo,
use Mastercard Installments to make its AMERICAN EXPRESS has refreshed its that country’s largest digital bank, has
buy now, pay later product available for US American Express Business just launched a credit card business.
lenders to offer to their small business Gold Card with the ability to earn 4X Chile is the ninth market for Dock, which
clients. Galileo is owned and operated Membership Rewards points in more currently handles more than 70 million
independently by SoFi Technologies. business spending categories including, active accounts and processes more
but not limited to, transit, advertising, than $240 billion annually.
Silvana Hernandez is EVP, Product & Engineering at
Mastercard, silvana.hernandez@mastercard.com, gas and dining. Cardholders can also Fernando de Paula is Director of Acquiring at Dock,
www.mastercard.com. David Feuer is CPO at earn up to $395 in statement credits fernando.paula@dock.tech, www.dock.tech.
Galileo, dfeuer@galileo-ft.com, www.galileo-ft.com. each year on eligible purchases at select Fernando Araya is CEO at Tenpo, fernando.araya@
merchants. They also have the option tenpo.cl, www.tenpo.cl.
of choosing the company’s new Rose
NUVEI, a Canadian fintech company, Gold design, formerly available only to
now lets its B2B clients offer card- HEPSIPAY, a Turkey-based ecommerce
Consumer Gold Card customers.
not-present and account-to-account platform, has signed a five-year
Courtney Kelso is EVP, Global Commercial Cards at partnership with Visa for prepaid card
processing to their customers in
American Express, courtney.e.kelso@aexp.com, acceptance. Platform users will be
Canada. B2B clients will also get Level
www.americanexpress.com. able to generate digital Hepsipay cards
3 processing and accounts receivable
services for proprietary accounts. bearing a Visa logo, allowing them to use
THE FINANCIAL DATA EXCHANGE their cards worldwide for online and
Laura Miller is CRO and Global Head of E-Commerce,
reported that 65 million consumer in-store purchases.
laura.miller@nuvei.com, www.nuvei.com.
accounts are now actively utilizing Erkin Aydın is CEO at Hepsiburada Financial
its FDX API for secure open finance Services, erkin.aydin@hepsiburada.com,
MODERN TREASURY, an operating data sharing. This includes 13 million www.hepsiburada.com. Samile Mümin is General
system for payment processing, has accounts added since April 2023. The Manager, Turkey at Visa, samile.mumin@visa.com,
joined J.P. Morgan’s Payments Partner nonprofit organization’s aim is to unify www.visa.com.
Network. Enterprises can leverage the financial industry around a common,
Modern Treasury’s software to integrate interoperable, royalty-free standard for
directly with J.P. Morgan’s treasury CORRECTION: In the First Look section of
secure and convenient consumer and
services and embedded payments. In issue #1248 we provided only the partial
business access to their financial data.
2019, J.P. Morgan was Modern Treasury’s name of the executive contact and an
It operates in the US and Canada.
first partner in rolling out real-time incorrect URL for Upgraded. The full
Don Cardinal is Managing Director, dcardinal@ name of the CEO at Upgraded is
payment capabilities.
financialdataexchange.org, John Erik Metcalf and the correct URL
Dimitri Dadiomov is CEO at Modern Treasury, dimitri@ www.financialdataexchange.org. is https://getupgraded.com.
moderntreasury.com, www.moderntreasury.com.

www.nilsonreport.com NILSON REPORT 3

GODADDY is the first website builder to BLUEFIN will provide a customized BLUESNAP, a global payment
integrate Paze into small businesses’ version of its PCI-validated encryption orchestration platform for B2B and B2C
customer checkout experience. Paze, an and tokenization technologies to businesses, has partnered with Retail
online payment solution developed by Invenco by GVR, a service provider to Realm, a multinational Microsoft ISV
Early Warning Services, will include over convenience retailers in North America. specializing in payments. For retailers
150 million eligible credit and debit cards Bluefin’s P2PE technology will integrate using Microsoft Dynamics 365, the
at commercial launch. with Invenco’s FlexPay IV and FlexPay 6 integration will improve their ability to
James Anderson is Managing Director, Paze at outdoor payment terminals. Bluefin says give global customers local payment
EWS, james.anderson@earlywarning.com, its technology reduces the work involved methods and currencies.
www.earlywarning.com. Saurabh Mangal is Head of in PCI DSS compliance by 70+%. Ralph Dangelmaier is CEO at BlueSnap,
Payments Products at GoDaddy, David Schuster is Sr. Director, Portfolio Manager - ralphd@bluesnap.com, www.bluesnap.com.
smangal@godaddy.com, www.godaddy.com. Devices at Invenco by GVR, david.schuster@
invenco.com, www.invenco.com. John Perry is CEO at
NEXI, Europe’s second largest merchant
Bluefin, john.perry@bluefin.com, www.bluefin.com.
PASSPORT PARKING’S mobile payment acquirer, has signed a 7-year extension
application will be used by the City of of its partnership with Norway’s BankID
Beverly, Massachusetts, to allow parking VISA has announced a new $100-million BankAxept. Nets has processed
payments via smartphones. After initiative to invest in the next generation BankAxept transactions for 30 years.
downloading the free app, users enter of companies focused on developing Øyvind Westby Brekke is CEO at BankID BankAxept,
the zone number, license plate number generative AI technologies and oyvind.brekke@bidbax.no, www.bankaxept.no.
and the desired length of time for applications for payments. Generative AI Torsten Hagen Jørgensen is Global Head of Issuing
parking. They can receive notifications is an emerging subset of AI that is built Solutions at Nexi Group, torsten.hagen.jorgensen@
when their sessions are about to expire, on large language models to develop nets.eu, www.nets.eu.
extend their sessions remotely and view artificial general intelligence capable of
receipts and parking history. generating text, images or other content
from large sets of existing data when HIPFINITY, which offers a suite of
Anthony Caddell is Sr. Account Executive at
given prompts. payment and fintech services, has
Passport, anthony.caddell@passportinc.com,
partnered with hardware, sales and
www.passportinc.com. David Rolf is Head of Visa Ventures, drolf@visa.com,
service provider POS Nerds to access its
www.visa.com.
distribution channels.
FISERV and PLAID have agreed to create Lori Pagnozzi is CEO and Chief Disruptor at HipFinity,
application programming interfaces INTERAC, a Canadian payment brand pagnozzi@hipfinity.co, www.hipfinity.co.
that will give consumers who bank with that facilitates financial transactions Art Trapp is CEO at POS Nerds, art@pos4nerds.com,
Fiserv’s clients secure, credential-less with federally regulated banks and www.pos4nerds.com.
API-based connectivity to the more than provincially regulated credit unions, has
8,000 applications and services on the broadened access to allow additional
Plaid network. Fiserv serves nearly 3,000 types of financial institutions to PARAM, Turkey’s largest fintech, has
bank and credit unions. participate in the Interac e-Transfer acquired Czech BNPL provider Twisto
service. First to gain provisional approval to expand its footprint across Europe,
Matt Wilcox is President of Digital Payments at
is Wealthsimple, a provider of digital beginning with the UK, Germany, the
Fiserv, matthew.wilcox@fiserv.com, www.fiserv.com.
financial services. Netherlands, Czech Republic and Poland.
Aly Yarris is Head of Financial Access Partnerships
Twisto has licenses that will allow Param
at Plaid, ayarris@plaid.com, www.plaid.com. Isabel Lee is Director, Client Solutions at Interac,
to offer its embedded finance services
iylee@interac.ca, www.interac.ca.
across the European market.
PIDGIN, a secure real-time payment Emin Can Yılmaz is CEO at Param,
platform, has partnered with Exchange SOLUTIONS BY TEXT has partnered with emincan@param.com.tr, www.param.com.tr.
Bank to offer instant payments to its Nuvei to add embedded payments to
retail and commercial account holders. its FinText platform. The technology
Pidgin serves as a central connection handles bill pay, from initiation to QUISITIVE TECHNOLOGY SOLUTIONS has
point to the Federal Reserve’s FedNow payment, within the text channel. It migrated its patented AgeChecker.Net,
Service and other faster payment delivers secure tokenized PCI-compliant used for ecommerce age verification, to
networks, including The Clearing payments that can be initiated though PayiQ’s payment processing, allowing
House’s RTP network. simple keywords like “pay now” for faster Quisitive to handle monthly payments for
transactions. over 700 customers. PayiQ will provide
Ricky Ray is CEO at Exchange Bank, ricky@
Visa and Mastercard authorization,
exba.com, www.exba.com. Abhishek Veeraghanta is David Baxter is CEO at Solutions by Text,
clearing and settlement services.
CEO of Pidgin, abhishek@pidgin.net, www.pidgin.net. dbaxter@solutionsbytext.com,
www.solutionsbytext.com. Mike Reinhart is CEO at Quisitive,
mike.reinhart@quisitive.com, www.quisitive.com.

4 NILSON REPORT October 2023 Issue 1250

The Largest

COVER STORY
Merchant Acquirers
Worldwide
The 150 largest acquirers of general purpose credit, debit Top 10 Acquirers of Visa and
and prepaid card payments from merchants worldwide Mastercard Payments
are listed here based on transactions processed in 2022.
Transactions in Billions for 2022
Total transactions of 466.89 billion processed by this group
increased 12.1% from 2021. All transaction figures shown here
are a combination of global and domestic card brands. JPMORGAN 37.04
CHASE
Among the 150 largest, acquirers from two countries hit the 1
billion transaction mark for the first time: Akbank (Turkey) and
Alfa Bank (Russia). WORLDPAY 30.79

JPMorgan Chase’s market share among the top 150 dipped to

9.5% from 9.7%. Russia-based Sberbank’s share dropped to
FISERV 22.56
9.0% from 9.1% and Fiserv increased to 8.1% from 6.6%. New
to the top 150 were National Bank of Kuwait (Kuwait) and Bank
Alfalah (Pakistan).
GLOBAL 15.75
PAYMENTS
The 10 largest acquirers collectively processed 245.06 billion
transactions. They accounted for 52.5% of all transactions
handled by the 150 listed here. JPMorgan Chase moved into WELLS 9.35
FARGO
1st place worldwide. One acquirer each from Russia, China
and Italy are ranked among the top 10 alongside group
acquirers with business across multiple countries. 8.89
NEXI
Worldline Group moved up to 7th from 8th largest, Getnet
(Santander Merchant Services) moved up to 17th from 19th,
EVO Group moved up from 23rd to 22nd and PagSeguro WORLDLINE 8.43
moved up to 26th from 31st.

The 34 US-based acquirers collectively processed 145.50 ADYEN 8.43

billion transactions in the US in 2021. This accounted for 31.2%
of the 466.89 billion total transactions processed collectively
by the top 150. Those same acquirers handled 195.26 billion
BARCLAYS 8.39
transactions worldwide or 41.8% of the total handled by the top
150. Transactions for this group increased 12.8% from 173.16
billion transactions in 2021.
CITI 8.12
©2023 Nilson Report
Prior issues: 1229, 1206, 1183, 1161, 1139, 1117, 1095

p6

www.nilsonreport.com NILSON REPORT 5

 Largest 150 Merchant Acquirers Worldwide
COVER STORY CONTD.

Ranked by Global Brand and Domestic Purchase Transactions in 2022

RANK ACQUIRER, COUNTRY (MIL.) RANK ACQUIRER, COUNTRY (MIL.) RANK ACQUIRER, COUNTRY (MIL.)
1 JPMorgan Chase, Group 44,249.7 51 UniCredit, Italy 1,584.4 101 Al Rajhi Bank, Saudi Arabia 328.6
2 Worldpay from FIS, Group 43,474.3 52 Sadad Informatics, Iran 1,566.6 102 Saudi National Bank, Saudi Arabia 309.1
3 Sberbank, Russia 42,100.7 53 Rabobank, Netherlands 1,500.0 103 Banco Davivienda, Colombia 302.8
4 Fiserv (First Data), Group 37,601.3 54 Banco de Sabadell, Spain 1,430.7 104 First American Pymt. Sys., Group 301.4
5 Global Payments, Group ¹ 19,674.0 55 Absa Bank, South Africa 1,428.7 105 Denizbank, Turkey 294.6
6 China UMS, China ² 14,066.9 56 National Australia Bank, Australia 1,391.5 106 Card Complete, Austria 291.9
7 Worldline, Group 12,947.4 57 Shift4 Payments, Group 1,378.9 107 Xplor Technologies, US 289.7
8 Nexi Payments, Italy ³ 11,753.8 58 Banorte, Mexico 1,326.2 108 T.C. Ziraat Bankasi, Turkey 285.0
9 Wells Fargo, US 9,805.8 59 Aeon Financial Service, Japan 1,236.2 109 QNB Finansbank, Turkey 258.6
10 Adyen, Group ⁴ 9,386.5 60 Raiffeisen Bank, Austria 1,222.8 110 Sicredi, Brazil 257.1
11 Bank of America, Group 9,330.2 61 Cardnet Merchant Services, UK 1,127.3 111 Magnati (FAB), UAE 256.2
12 Saman e-Pay, Iran 8,792.1 62 Gazprombank, Russia 1,090.8 112 TabaPay, US 242.9
13 Behpardakht Mellat, Iran 8,415.1 63 Akbank, Turkey 1,087.1 113 Nuvei Technologies, US 234.4
14 Barclays, UK 8,394.3 64 Paysafe Group, US 1,069.9 114 Promsvyazbank, Russia 230.0
15 Cielo, Group 8,260.0 65 Alfa Bank, Russia 1,017.6 115 Kasikornbank, Thailand 215.9
16 Citi Merchant Serv., US 8,120.9 66 SBI Payment Services, India 973.9 116 Izipay, Peru 212.8
17 Getnet (Santander MS), Group 8,062.7 67 CSOB, Czech Republic 937.0 117 Titanium Payments, US 203.5
18 Elavon, Group 7,720.9 68 ANZ Bank, New Zealand 929.2 118 KeyBank, US 202.9
19 Parsian e-Commerce, Iran 6,978.4 69 Nedbank, South Africa 911.5 119 i3 Verticals, US 201.8
20 Rede, Brazil 6,176.5 70 Merrick Bank, US 876.9 120 Valitor, Iceland 199.8
21 BC Card, South Korea 6,026.4 71 BAC Credomatic Network, Group 872.8 121 Bank Mandiri, Indonesia 196.5
22 EVO, Group 5,305.9 72 First National Bank, South Africa 819.7 122 NCR Payments, US 195.3
23 Credit Agricole, France 4,837.9 73 Credit Saison, Japan 818.3 123 Orient Corp., Japan 193.0
24 Credit Mutuel, France 4,271.9 74 Unicre, Portugal 797.8 124 VisaNet, Guatemala 189.4
25 Moneris, Canada 4,265.2 75 Vakifbank, Turkey 797.3 125 NCCC, Taiwan 187.6
26 PagSeguro, Brazil 4,197.0 76 No. American Bancard, US 776.7 126 Turk Ekonomi Bankasi, Turkey 186.1
27 Pasargad Elec. Payment, Iran 3,769.4 77 Network International, UAE 776.7 127 CardNet, Dominican Republic 175.7
28 BBVA, Group 3,741.2 78 La Banque Postale, France 741.1 128 SaltPay, Iceland 171.4
29 Asan Pardakht Persian, Iran 3,643.6 79 Priority Technology Holdings, US 733.2 129 SEB Group, Estonia 171.1
30 KB Kookmin, South Korea 3,614.8 80 SAB, Saudi Arabia 669.0 130 Intuit, US 164.1
31 Swedbank, Sweden 3,602.3 81 Russian Standard Bank, Russia 594.4 131 Kuwait Finance House, Kuwait 157.0
32 JCB, Japan 3,539.5 82 CTBC, Taiwan 560.4 132 CMI, Morocco 148.9
33 Iran Kish Credit Card Co., Iran 3,513.8 83 Standard Bank, South Africa 542.8 133 Celero Commerce, US 148.6
34 Transbank, Chile 3,082.9 84 PNC Merchant Services, US 536.6 134 Hang Seng, Hong Kong 143.1
35 BNP Paribas, France 3,003.8 85 Esquire Bank, US 536.0 135 Epicor Software, US 140.9
36 BPCE, France 2,958.0 86 Evertec Group, Puerto Rico 508.7 136 Market Pay, France 137.8
37 StoneCo, Brazil 2,595.1 87 Payroc WorldAccess, Group 489.3 137 Paya, US 136.6
38 VTB Bank, Russia 2,242.5 88 T. Halk Bankasi, Turkey 482.4 138 Westamerica/Redwood, US 135.6
39 Commonwealth Bank, Australia 2,180.5 89 Niubiz, Peru 459.7 139 Abu Dhabi Commercial, UAE 125.7
40 PrivatBank, Ukraine 2,152.6 90 Tyro, Australia 454.4 140 Servicios Digitales Popular, DR 122.6
41 Samsung Card, South Korea 2,108.0 91 Bancolombia, Colombia 441.4 141 Millennium BCP, Portugal 122.5
42 Yapi Kredi Bank, Turkey 2,049.3 92 Vero, Brazil 440.5 142 Bank Alfalah, Pakistan 116.2
43 Garanti Bank, Turkey 2,022.1 93 Tinkoff Bank, Russia 433.2 143 Scotiabank, Group 116.0
44 TD Merchant Solutions, Group 1,972.5 94 Riyad Bank, Saudi Arabia 396.4 144 JCC Payment Systems, Cyprus 114.8
45 Societe Generale, France 1,937.4 95 Mashreq Bank, UAE 388.8 145 Bancard, Paraguay 109.1
46 Westpac, Australia 1,909.5 96 Truist Financial, US 373.9 146 Capitec, South Africa 108.5
47 Payway (Prisma Med.), Argentina 1,727.3 97 Electronic Payments, US 363.8 147 Aurora Payments, US 107.0
48 Hyundai Card, South Korea 1,715.0 98 HDFC, India 354.7 148 BankCard Services, US 99.2
49 T. Isbank, Turkey 1,652.9 99 PostFinance, Switzerland 330.0 149 Banco Nacional, Costa Rica 91.4
50 Mitsubishi UFJ Nicos, Japan 1,611.5 100 Axis Bank, India 329.3 150 Natl. Bank of Kuwait, Kuwait 89.3
Ranked by all purchase transactions (Visa, Mastercard, UnionPay, American Express, Discover, JCB, Diners Club and domestic market only) by country. Group
includes transactions from all countries in which the company is an acquirer. 1 Estimate. 2 Includes Hong Kong and Macau. 3 Includes Denmark. 4 Includes
business in Europe and US only. ©2023 Nilson Report

6 NILSON REPORT October 2023 Issue 1250

 POS Terminals Shipped Worldwide

American Express is First

Issuer to Add Biometrics
to 3-D Secure
The 3-D Secure protocols used to authenticate cardholders in IN THIS ARTICLE
online transactions has grown steadily since the introduction
of the 2.0 version in 2019. Growth was spurred by consumer
protection regulations in Europe and elsewhere as well as the
steady increase in the number of online transactions initiated
by smartphones capable of authenticating their users with
fingerprint or facial biometrics.

American Express, which ranks second largest among credit for an alternative. American Express believes biometric
card issuers in the US, has become the first card issuer in the authentication can be that security tool.
world to supplement 3-D Secure protocols with facial and
fingerprint biometrics. It will use open standard specifications Once the new SafeKey service with biometrics is available,
and APIs available from industry groups the FIDO Alliance cardholders using eligible browsers and devices will be
and W3C to facilitate biometric authentications when its invited to enroll during a yellow flow SafeKey transaction.
cardholders initiate transactions from eligible browsers Once enrolled, they will be given the option of using biometric
and devices. authentication every time they make a purchase from a
merchant that uses 3-D Secure.
The name Amex has given to the 3-D Secure checkout
experience it presents to cardholders is SafeKey. American Online transaction security supplemented by 3-D Secure
Express’s access control server (ACS) handles three protocols gained acceptance first in Europe when version 1.0
categories of payment authorization requests related to was launched in 2001. However, 1.0 was clunky and neither
SafeKey transactions. merchants nor cardholders widely embraced it.

A green transaction flow is one in which merchants provide The much improved 2.0 version has gained ground with
enough information about the cardholder and what is being merchants in various world regions, including by a growing
purchased for American Express to authorize the purchase number of US-based multinationals. Following their lead, other
without needing to contact the cardholder. A red transaction US merchants are beginning to adopt it too.
flow is one in which American Express identifies enough risk
that it denies the authorization request without taking any American Express has started a SafeKey with biometrics pilot
further action. test with select US cardholders. It will examine the cardholder
experience, particularly as it relates to the successful
Transactions flagged as yellow require communication with the completion of purchases.
cardholder before an authorization is granted.
SafeKey with biometrics will also be examined to make certain
Currently, cardholders are challenged to provide proof of that fraud detection has not diminished. Once it is satisfied
their identity via a one-time code (OTC) sent in an SMS text with the results of the pilot test, American Express will roll out
message to the device they have registered with American the service in the US. Biometrics will subsequently be added to
Express, or they receive a push notification to the Amex app. 3-D Secure transactions that originate in other world regions.
When cardholders receive the notification, they use their
preferred method of login to the app to confirm their identity. INTERVIEWED FOR THIS ARTICLE

J.J. Kieley is VP of Digital Identity & Commerce Experiences at American Express

However, because SMS messages are susceptible to in Phoenix, Arizona, john.j.kieley@aexp.com, www.americanexpress.com.
social engineering fraud, all large issuers are looking

www.nilsonreport.com NILSON REPORT 7

 American Express is First Issuer to Add Biometrics to 3-D Secure

POS Terminals
Shipped Worldwide
Point-of-sale terminal shipments POS terminals shipped to Latin America Canada received 0.6 million units, up
worldwide reached 148.3 million and the Caribbean totaled 25.2 million in 35.0% from 2021. Its market share
in 2022, up 4.5% over 2021. POS 2022, up 0.5%. Latin America’s share of increased 10 bps to 0.43% from 0.33%.
terminals counted include countertop, the global total was 17.01%, a drop of 67
multilane, tablet and handheld devices bps from 17.68%. The Asia–Pacific region received 1.3
with integrated chip and/or magnetic million more devices in 2022 than
stripe card readers, unattended devices, Shipments into Europe reached 14.3 in 2021. Wuhan Tianyu Information
terminals that can read QR codes and million, up 14.2%. Europe’s market share Industry Co. again shipped the most
also accept cards and those that can grew to 9.65% from 8.83%. units to APAC. New POS Technology
read a biometric identifier and then remained the second largest, with China
facilitate a payment. Also included are The Middle East-Africa (MEA) region and India among its largest markets.
PCI DSS approved mPOS chip & PIN received 7.26 million POS terminals Fujian Landi entered the listing as third
devices and mPOS chip & signature last year, up 24.9%. The MEA market largest. When Worldline sold its terminal
devices as well as mPOS devices not share grew 119 bps to 7.26% of global business to Apollo Funds and again was
connected to a smart mobile device. shipments, up from 6.07%. named Ingenico, Fujian Landi became
an independent company. Ingenico
Shipments of POS terminals to the Shipments into the US of 7.8 million had acquired 55% of Fujian Landi in
Asia–Pacific (APAC) region increased terminals were up 11.7%. The US share 2008. Centerm was fourth largest in
1.5% last year to 89.5 million devices. of all terminals shipped worldwide grew APAC. MoreFun was fifth largest and
APAC’s market share of shipments was 34 bps to 5.28% from 4.94%. shipped the majority of its terminals to
60.37% in 2022, down 178 basis points China. The manufacturer with the most
(bps) from 62.15% in 2021. Android handheld smart POS terminals
shipped in the region was Vanstone
(Aisino) with 4.0 million terminals,
followed by Landi with 2.0 million and
Pax Technology with 1.4 million.
65.8% TRADITIONAL 97.6 MIL.
Pax Technology was the top supplier to
Latin America. It has held that position
13.7% MPOS/ since 2017. Pax shipped 1.6 fewer units
CHIP & PIN
20.3 MIL.
to the region in 2022 than in 2021.
Of its 5.5 million units, 1.2 million were
MPOS/NO Android handheld smart POS terminals.
11.9% SMART DEVICE
17.7 MIL. Newland Payment Technology had the
second largest number of shipments
148.3 to Latin America. It shipped 2.8 million
MILLION 3.3% QR CODE 5.0 MIL. units to Brazil and also counted
TERMINALS Mexico and Argentina among its top
five countries.
MPOS/CHIP & 3.8 MIL.
2.5% SIGNATURE Ingenico, which last year was called
Worldline before the sale of the
Terminals, Solutions & Services (TSS)
2.2% UNATTENDED 3.3 MIL. business to Apollo Funds, is now named
Ingenico once again. The company was
Europe’s largest provider. Datecs was
©2023 Nilson Report 0.5% BIOMETRIC O.7 MIL. the region’s second largest, moving up
from fourth largest.

8 NILSON REPORT October 2023 Issue 1250

Datecs increased its number of shipments by 0.6 million Of all PCI DSS approved POS terminals shipped worldwide last
units, up 64.0%. Pax Technology (fourth largest in the region), year, 41.7 million (28.15%) were mobile (mPOS) devices. They
also increased its shipments by 0.6 million units (up 61.8%). communicate with tablets and other terminals via Bluetooth
Newland Payment Technology shipments were up 0.4 million or USB, although 42.31% do not need to be connected to
units, an increase of 152.5%. Stripe (including BBPOS) another smart device. Newland, Dspread, Landi, Anfu and Pax
increased its shipments by 0.3 million (up 211.3%). were the top manufacturers of mPOS devices in 2022. The top
manufacturers of Android handled smart POS devices were
Pax Technology continued as the largest POS terminal Sunmi with 5.0 million, Vanstone with 4.7 million, Pax with 4.2
manufacturer to the MEA region. It had a 27.6% increase in million, Landi with 2.0 million and Newland with 1.7 million.
shipments. Newland was second largest and had a 31.5%
increase in shipments. Sunmi Technology moved up to third Not included in this issue are smartphones used as POS
from ninth with a 67.0% increase in number of units shipped. terminals, peripheral PIN pads, island card readers, terminals
Nexgo moved up to fourth from seventh due to a 51.4% that read QR codes but do not accept cards, card reader
increase in shipments. dongles inserted in smartphones or tablets, magnetic-stripe
card readers connected to electronic cash registers (ECRs) or
The largest suppliers to the United States were Verifone and PC-based systems, other card readers, or ECRs or PC-based
Ingenico. Stripe (including BBPOS) was third largest. systems themselves. Some of the POS terminal manufacturers
featured here also produced some of these devices. Those
For Canada, Stripe (including BBPOS) was the largest supplier. figures will be included in an upcoming issue.
It increased its number of units shipped there by 0.1 million,
p10
a 924.6% increase.

POS Terminal Manufacturers’ Market Shares

Total Shipments and Shares in 2022 vs. 2021
2022 2021 2022 2021
RANK MANUFACTURER SHIPMENTS SHARE SHIPMENTS SHARE RANK MANUFACTURER SHIPMENTS SHARE SHIPMENTS SHARE

1 Newland Payment Tech. 12,305,000 8.30% 11,235,000 7.91% 27 Gertec 1,004,974 0.68% 752,564 0.53%
2 Tianyu 11,216,664 7.56% 10,540,384 7.42% 28 Spectra 963,850 0.65% 963,165 0.68%
3 Pax Technology 10,921,583 7.36% 12,018,101 8.47% 29 WizarPOS 870,050 0.59% 743,900 0.52%
4 Centerm 9,570,300 6.45% 8,779,324 6.18% 30 Fiserv/Clover 781,200 0.53% 713,772 0.50%
5 New POS 8,965,372 6.05% 8,522,814 6.00% 31 Urovo 763,408 0.51% 548,387 0.39%
6 Landi 1 8,223,000 5.55% — — 32 JTact 504,210 0.34% 4,780,268 3.37%
7 MoreFun 8,113,200 5.47% 8,173,239 5.76% 33 ID Tech 446,900 0.30% 449,437 0.32%
8 Verifone 8,052,700 5.43% 8,328,500 5.87% 34 Justtide 416,000 0.28% 490,000 0.35%
9 Ingenico 2 7,876,200 5.31% — — 35 Equinox 291,900 0.20% 283,200 0.20%
10 Vanstone (Aisino) 7,791,400 5.25% 6,475,800 4.56% 36 Nayax+OTI 248,250 0.17% 254,574 0.18%
11 Sunmi 6,605,092 4.45% 4,547,608 3.20% 37 Square 218,100 0.15% 191,500 0.13%
12 Anfu 5,413,996 3.65% 3,661,556 2.58% 38 Feitian 195,231 0.13% 868,000 0.61%
13 Nexgo (Xinguodu) 5,125,591 3.46% 5,261,076 3.71% 39 Cantaloupe 166,268 0.11% 87,246 0.06%
14 Dspread 4,443,000 3.00% 4,627,000 3.26% 40 Ciontek 160,700 0.11% 181,500 0.13%
15 Castles 4,240,600 2.86% 3,863,000 2.72% 41 SCSPro 152,873 0.10% 58,460 0.04%
16 Dynamicode 3,828,272 2.58% 3,592,846 2.53% 42 UIC 149,703 0.10% 172,485 0.12%
17 YZ Intelligence Tech. 2,886,600 1.95% 413,600 0.29% 43 Panasonic Connect 144,200 0.10% 150,300 0.11%
18 Sunyard 2,157,290 1.45% 1,955,651 1.38% 44 Linkwell 60,403 0.04% 50,633 0.04%
19 Datecs 2,129,853 1.44% 1,672,019 1.18% 45 Feig Electronic 59,100 0.04% 55,200 0.04%
20 Stripe (including BBPOS) 1,825,022 1.23% 508,229 0.36% 46 HP 34,100 0.02% 31,500 0.02%
21 Trendit 1,817,000 1.23% 2,424,000 1.71% 47 CCV 31,500 0.02% 27,500 0.02%
22 SZZT 1,779,500 1.20% 1,792,800 1.26% 48 Toshiba Tec 28,000 0.02% 48,000 0.03%
23 TopWise 1,471,472 0.99% 2,818,836 1.99% — Worldline/Ingenico 3 — — 14,132,702 9.96%
24 Smartpeak 1,455,000 0.98% 1,319,000 0.93% — YouTransactor — — 697,300 0.49%
25 Telepower 1,372,553 0.93% 1,456,485 1.03% — Thumbzup — — 3,150 <0.01%
26 Wiseasy 1,013,771 0.68% 1,239,126 0.87% TOTAL 148,290,951 100.00% 141,960,737 100.00%
Shipments include countertop, multilane, tablet and handheld terminals devices, approved mPOS chip & signature devices and mPOS devices not
with integrated readers for chips and/or magnetic stripes as well as connected via a small mobile device. 1 No longer part of Ingenico. 2 Spun
unattended payment devices, terminals that can read QR codes and accept off from Worldline and sold to Apollo. 3 Prior entity that included Worldline,
cards, biometric payment terminals, plus PCI DSS approved POS chip & PIN Ingenico and Landi. © 2023 Nilson Report

www.nilsonreport.com NILSON REPORT 9

 POS Terminals Shipped Worldwide (Continued)

Manufacturers of POS Terminals Shipped in 2022

Canada United States (continued) Latin America (continued)

RANK MANUFACTURER TOTAL ANDROID* RANK MANUFACTURER TOTAL ANDROID* RANK MANUFACTURER TOTAL ANDROID*

1 Stripe (BBPOS) 145,059 17,200 11 Cantaloupe 165,548 — 16 Stripe (BBPOS) 268,403 32

2 Ingenico 90,200 42000 12 UIC 130,849 — 17 MoreFun 260,800 30,000
3 SZZT 65,100 29,100 13 Smartpeak 125,000 — 18 Spectra 198,500 93,000
4 Newland Payment 59,000 — 14 SZZT 117,900 22,000 19 Urovo 152,922 152,922
5 Sunmi 53,120 12,970 15 WizarPOS 103,200 103,200 20 New POS 130,964 54,567
6 Pax Technology 44,406 38,391 16 Newland Payment 101,000 73,000 21 WizarPOS 112,400 112,400
7 Centerm 40,383 — 17 Nayax+OTI 81,500 — 22 Smartpeak 100,000 —
8 Verifone 33,700 7010 18 Datecs 75,525 — 23 Datecs 90,955 —
9 ID Tech 30,300 29700 19 Centerm 41,015 — 24 Justtide 85,000 35,000
10 New POS 14,970 6,528 20 Dspread 26,000 — 25 Sunyard 66,000 10,000
11 Castles 14,600 — 21 Wiseasy 25,000 25,000 26 Nayax+OTI 8,000 —
12 Smartpeak 10,000 — 22 Nexgo (Xinguodu) 21,239 16,049 27 Feitian 6,307 —
13 WizarPOS 9,850 9,850 23 Feitian 14,515 — 28 Fiserv/Clover 5,700 —
14 Fiserv/Clover 9,000 — 24 Feig Electronic 8,600 — 29 Feig Electronic 3,300 —
15 Nayax+OTI 5,950 — 25 HP 8,600 — 30 ID Tech 2,300 —
16 Vanstone (Aisino) 3,500 3,500 26 Vanstone (Aisino) 5,500 5,500 31 Ciontek 2,200 1,200
17 Square 3,100 — 27 Telepower 5,382 — TOTAL 25,220,429 6,896,896
18 Dspread 3,000 — 28 Urovo 888 888
19 Equinox 1,900 500 29 Tianyu 814 — Middle East and Africa
20 Sunyard 1,000 500 30 Sunyard 800 200 RANK MANUFACTURER TOTAL ANDROID*

21 Nexgo (Xinguodu) 938 620 31 Spectra 45 — 1 Pax Technology 967,563 549,725

22 Cantaloupe 720 — TOTAL 7,835,266 1,758,058 2 Newland Payment 905,000 465,000

23 Spectra 705 — 3 Sunmi 754,390 687,965

24 Urovo 655 655 Latin America 4 Nexgo (Xinguodu) 709,906 285,078

25 Telepower 350 — RANK MANUFACTURER TOTAL ANDROID* 5 Vanstone (Aisino) 683,200 230,000

TOTAL 641,506 198,524 1 Pax Technology 5,527,271 1,195,772 6 Verifone 679,000 45,000
2 Newland Payment 3,348,000 434,000 7 Centerm 612,736 —

United States 3 Ingenico 2,750,000 677,000 8 Castles 580,000 —

RANK MANUFACTURER TOTAL ANDROID* 4 Sunmi 2,662,884 2,326,598 9 TopWise 517,913 517,913
1 Verifone 1,400,000 570,000 5 Dspread 2,050,000 110,000 10 MoreFun 504,700 250,000
2 Ingenico 1,240,000 330,000 6 Verifone 2,010,000 510,000 11 SZZT 495,000 315,000
3 Stripe (BBPOS) 1,031,663 148,257 7 Gertec 1,004,974 — 12 New POS 468,602 166,020
4 Castles 782,000 — 8 Castles 826,000 — 13 Dspread 435,000 13,000
5 Fiserv/Clover 697,000 72,000 9 TopWise 781,480 51,058 14 Telepower 431,915 —
6 Sunmi 478,069 116,734 10 Centerm 660,795 — 15 Ingenico 351,000 39,000
7 Pax Technology 468,614 226,230 11 SZZT 611,000 245,000 16 Sunyard 347,529 30,000
8 Equinox 290,000 6,000 12 Nexgo (Xinguodu) 446,059 294,816 17 Urovo 297,513 297,513
9 ID Tech 197,000 43,000 13 Vanstone (Aisino) 394,600 202,000 18 Smartpeak 280,000 —
10 Square 192,000 — 14 Wiseasy 376,531 361,531 19 Anfu 210,889 200
15 Telepower 277,084 — 20 Wiseasy 99,800 99,800

10 NILSON REPORT October 2023 Issue 1250

 Household Debt and Credit Cards in the US

Asia–Pacific
RANK MANUFACTURER TOTAL ANDROID*

1 Tianyu 11,192,270 3,387

2 New POS 8,335,512 119,136
CANADA
<1% EUROPE 3 Landi 8,223,000 1,980,000

10% ASIA–PACIFIC 4 Centerm 8,062,751 —

60%
UNITED STATES
5 MoreFun 7,336,700 135,000
5%
6 Newland Payment 7,286,000 549,000
MIDDLE EAST
AFRICA 7 Vanstone (Aisino) 6,259,400 4,000,000
LATIN AMERICA
7% 8 Anfu 5,203,107 —

17% 9
10
Dynamicode
Nexgo (Xinguodu)
3,826,232
3,344,163
87,650
372,665
11 YZ Intelligence Tech. 2,885,100 —

© 2023 Nilson Report 12 Pax Technology 2,349,020 1,366,634

13 Verifone 2,320,000 695,000
14 Trendit 1,812,000 —

Middle East and Africa (cont.) Europe (continued) 15 Sunyard 1,693,523 32,580
RANK MANUFACTURER TOTAL ANDROID* RANK MANUFACTURER TOTAL ANDROID* 16 Dspread 1,681,000 44,000
21 WizarPOS 98,700 98,700 11 Spectra 347,500 92,000 17 Sunmi 1,392,875 720,853
22 Justtide 90,000 50,000 12 Telepower 271,380 — 18 Castles 1,240,000 —
23 Spectra 71,800 21,000 13 Dspread 248,000 8,000 19 Smartpeak 800,000 —
24 Datecs 46,070 — 14 Centerm 152,620 — 20 JTact 503,361 36
25 Feitian 45,285 — 15 ID Tech 150,000 — 21 Wiseasy 494,560 494,560
26 Nayax+OTI 27,000 8,000 16 Smartpeak 140,000 — 22 WizarPOS 472,100 —
27 Tianyu 20,500 110 17 Nayax+OTI 117,600 — 23 SZZT 457,000 215,000
28 Ciontek 17,500 — 18 Ciontek 95,000 40,000 24 Telepower 386,442 —
29 Trendit 5,000 — 19 WizarPOS 73,800 73,800 25 Spectra 345,300 15,000
30 Fiserv/Clover 3,100 — 20 Fiserv/Clover 62,000 — 26 Urovo 281,960 281,960
31 Dynamicode 2,040 1,000 21 Sunyard 48,438 3,000 27 Justtide 235,000 5,000
32 Stripe (BBPOS) 850 — 22 Feig Electronic 41,000 — 28 Ingenico 195,000 39,000
33 JTact 827 12 23 SZZT 33,500 24,000 29 TopWise 170,917 8,478
34 UIC 200 — 24 CCV 31,500 — 30 SCSPro 152,873 —
TOTAL 10,760,528 4,170,036 25 Urovo 29,470 29,470 31 Panasonic Connect 144,200 2,400
26 HP 19,000 — 32 Feitian 123,075 —
Europe 27 Wiseasy 17,880 17,880 33 ID Tech 67,300 —
RANK MANUFACTURER TOTAL ANDROID* 28 New POS 15,324 10,114 34 Datecs 66,655 —
1 Ingenico 3,250,000 449,000 29 MoreFun 11,000 3,000 35 Linkwell 60,403 14,997
2 Datecs 1,850,648 — 30 UIC 10,866 — 36 Ciontek 46,000 —
3 Verifone 1,610,000 401,000 31 Square 8,000 — 37 Toshiba Tec 28,000 —
4 Pax Technology 1,564,709 828,107 32 Feitian 6,049 — 38 Square 15,000 —
5 Sunmi 1,263,754 1,108,778 33 Justtide 6,000 3,000 39 Nayax+OTI 8,200 —
6 Castles 798,000 — 34 Tianyu 3,080 — 40 UIC 7,788 —
7 Newland Payment 606,000 178,000 35 YZ Intelligence Tech. 1,500 — 41 HP 6,500 —
8 Nexgo (Xinguodu) 603,286 352,902 36 TopWise 1,162 1,162 42 Feig Electronic 6,200 —
9 Vanstone (Aisino) 445,200 240,000 37 JTact 22 — 43 Fiserv/Clover 4,400 2,400
10 Stripe (BBPOS) 379,047 71,026 TOTAL 14,312,335 3,934,239 TOTAL 89,520,887 11,184,736
*Android handheld smart POS terminals.
© 2023 Nilson Report

www.nilsonreport.com NILSON REPORT 11

 POS Terminals Shipped Worldwide

Household Debt and

Credit Cards in the US
Outstandings on general purpose credit
cards—Visa, Mastercard, American
Express and Discover—combined with
outstanding receivables tied to all Credit card debt accounted for
private label (store, gasoline, medical,
etc.) card products reached $1.255
25.7% of total consumer credit
trillion at year-end 2022, up 17.2%. at year-end 2022, up from 23.6%
This credit card debt figure (also in 2021
called outstandings), which includes
commercial and consumer card
products, was compiled by the Nilson
Report from its surveys of financial
institutions and private label lenders.
Credit card debt per household of At year-end 2022, debt per US
$9,566 at the end of 2022 was up 15.4% household averaged $147,809, up 4.2%
US household debt totaled $19.393
from 2021. At the end of 2012, there from $141,810 in 2021. Debt per US
trillion at year-end 2022, up 5.8% over
were 121.1 million US households, credit household does not include state, local
2021. That figure was compiled by
card debt was $818.05 billion and credit or federal government debt.
the Federal Reserve.
card debt per household was $6,756.
Closed and open-ended installment
The US Census Bureau reported that
Card debt accounted for 6.47% of and noninstallment unsecured personal
the number of households in the United
household debt in 2022, up from 5.85% loans—which comprise total consumer
States was 131.2 million at year-end
in 2021. The ratio of credit card debt credit published by the Federal
2022, up 1.5% from 2021.
to total household debt was highest in Reserve—was $4.893 trillion at year-end
1996 at 9.80%. 2022, up 7.6% from 2021.

Consumer credit per household was

$37,297, up 6.0% from 2021.
Card Debt as a Percentage of
Total Household Debt Credit card debt accounted for 25.65%
of total consumer credit at year-end
2012 6.02% 2022, up from 23.55% in 2021.
2013 6.11%
The ratio of credit card debt to total
2014 6.33% consumer credit was highest in 1997
at 40.95%.
2015 6.58%

2016 6.85% Total consumer credit equaled 25.23%

of household debt at year-end 2022, up
2017 7.03%
from 24.82% in 2021.
2018 7.21%
Total household debt includes consumer
2019 7.24%
credit as well as one- to four-family
2020 6.00% residential mortgage debt and low-value
2021 5.85% bank loans.

2022 6.47%

© 2023 Nilson Report

12 NILSON REPORT October 2023 Issue 1250

 Experian Digital Debit Card

US Credit Card Debt

and Consumer Credit
Total household debt, total consumer credit and home Totals in Billions
mortgage debt are available in the Federal Reserve Statistical
CREDIT 5-YEAR CONSUMER 5-YEAR
Release, Z.1, Financial Accounts of the United States, Flow YEAR CARD DEBT CHANGE CREDIT CHANGE
of Funds, Balance Sheets and Integrated Macroeconomic
1982 $79.50 — $396.72 —
Accounts, Table D.3, Debt Outstanding by Sector. The release
date was September 8, 2023. 1987 $152.50 91.8% $698.64 76.1%

Automobile leases, mortgage debt, rent payments and low- 1992 $283.17 85.7% $824.77 85.7%
value bank loans are not counted as consumer credit in the
1997 $550.44 94.4% $1,344.17 63.0%
Federal Reserve Statistical Release.
2002 $762.80 38.6% $1,997.01 48.6%
Mortgage debt and select other loans increased by 5.2% to
$14.499 trillion at year-end 2022. 2007 $961.86 26.1% $2,609.48 26.1%

2012 $818.05 –15.0% $2,912.90 11.6%

Prior issues: 1227, 1203, 1180, 1153, 1132, 1112, 1088, 1065, 1043
2017 $1,062.09 29.8% $3,830.80 31.5%

2022 $1,255.13 18.2% $4,893.40 27.7%

© 2023 Nilson Report

Credit Card Debt as a Percentage of Consumer Credit

CREDIT CARD DEBT (PERCENT) CONSUMER CREDIT ($TRILLIONS)

41%
41%
38%
38%
37%
37%
34%
34%

28%
28% 28%
28% 26%
26%

5.0
22%
22%
20%
20%
4.5

4.0

3.5

3.0

2.5

2.0

1.5
© 2023 Nilson Report
1.0

0.5

‘82 ‘87 ‘92 ‘97 ‘02 ‘07 ‘12 ‘17 ‘22

www.nilsonreport.com NILSON REPORT 13

 Household Debt and Credit Cards in the US

Experian Digital Debit Card

There are 261 million Americans aged 18 and over, of which 100 IN THIS ARTICLE
million, more than 38%, either have no files at credit bureaus
or are challenged by subprime credit scores owing to previous
inabilities to satisfactorily pay back what they had borrowed.
Experian, one of the big three credit bureaus in the US, has
created the Experian Smart Money Digital Checking Account &
Debit Card for this cohort as a tool to help build or rebuild their New York-based Community Federal Savings Bank (CFSB),
credit score. which also holds all funds in the Experian Smart Money
accounts. Experian is the program manager.
Customers are offered a $50 signing bonus as an incentive
if they open an account with ongoing direct deposit of their Users of the transaction account are promised that all eligible
paychecks. Once they are onboard, they can download an app payments for utilities, rent, insurance, streaming services
that provides virtual Mastercard debit card functionality. A and other bills will be added to their Experian credit report.
physical debit card is an option. The debit cards are issued by This occurs automatically because the Smart Money Digital
Checking accounts are integrated with Experian Boost.

That membership program, which was launched last year, has

65 million members. Experian Boost can be free or fee-based
depending on the services a consumer wants to use.

Experian Boost can help users generate up to a 13-point gain

to their FICO Score 8 through the regular reporting of positive
payments for eligible recurring bills.

INTERVIEWED FOR THIS ARTICLE

Triane Chang is Senior VP and General Manager at Experian in Costa Mesa,

California, triane.chang@experian.com, www.experian.com.

U.S. Bank Integrates with

Software Providers
The ability to seamlessly embed financial IN THIS ARTICLE payment services with the hundreds of
services between a customer’s front-end third-party providers of front-end automated
software systems used for enterprise software services has been going on for years
resource planning, treasury management, on a bidirectional basis—one connection
invoicing, accounts payable, accounts at a time. Vetting, creating budgets, finding
receivable, etc. and their back-end IT resources and more can take up to nine
reconciliation system is the goal of all top months to complete.
banks. The process of integrating bank

14 NILSON REPORT October 2023 Issue 1250

 Publicly Traded Companies in Payments

Last month, U.S. Bank launched the The bank participated in the first payment on INTERVIEWED FOR THIS ARTICLE
Connected Partnership Network (CPN), which the RTP (Real-Time Payments) processing Anu Somani is Head of Global
provides commercial payment and treasury network in the US and was one of the early Payables and Embedded Payments
management customers with connections bank adopters of the FedNow Service that at U.S. Bank in New York,
to automated software providers via prebuilt went live this summer. anuradha.somani@usbank.com,
APIs. The bank plans to provide an extensive www.usbank.com.
online marketplace of vetted software The CPN announcement follows the
providers its customers can connect to easily. November 2022 launch of WorksWith Elavon, Prior issue: 1244
a similar embedded financial services
Almost no new coding will be required by a initiative for merchants that use Elavon to
bank customer once a software provider has acquire card payments. Elavon, a wholly
been added to the Connected Partnership owned subsidiary of U.S. Bank, operates in the
Network. Five providers are part of the first US, the UK and continental Europe.
group. That number is expected to more
than double by year-end. The bank provides More than 200 vetted companies that provide
customers with a search directory. services to merchants are available via APIs
on WorksWith Elavon.
U.S. Bank ranks fifth largest in the United
States based on asset size. It has been an The J.P. Morgan Payments Partner Network
early adopter in corporate payments. also provides access to software providers
through prebuilt APIs.

SEPTEMBER 2023

Investments & Acquisitions

COMPANY COUNTRY BUYER/INVESTOR AMOUNT (MIL) COMPANY COUNTRY BUYER/INVESTOR AMOUNT (MIL)

ATMs Merchant Processing, Acquiring (Continued)

Vortex Engineering India Vakrangee 1 * IPSIPay US equity round 15 $0.5
B2B Payments Netstars Japan IPO 16
$31.5
Apron UK Series A 2 $15.0 Rabbit Line Pay Thailand Line Man 17 *
FinZeo US AppTech Payments 3 * USTransact US Beyond Bancard 3 *
PagBem Brazil Edenred Repom 4 * Mobile Payments
Wamo UK seed round ext. 5 $1.5 HyperJar UK Series A 18 $2.0
Waddle Australia CBA 3 * TangGapp US seed round 19 $2.5
Bill Payments Money Transfers
FlexPag Brazil Serasa Experian 3 * BayaniPay Philippines seed round ext. 20 $2.1
BNPL, Alternative Lending Parallax Labs US seed round 21 $4.5
Treyd Sweden Series A 6 $12.0 Software
Credit Cards Clip Money Canada private placement 22 $4.9
Curve UK Series C ext. 7 $79.0 Paypad Turkey HotelRunner 3 *
Firstcard US seed round 8 $4.7 Quickcharge US Transact Campus 3 *
Flex US Series A 9 $120.0 Swan France Series B 23 $40.0
Fraud Fighting, Security
*Terms not disclosed. 1 Purchased an additional 8.8% of equity to add
Cleafy Italy Series A 10 $10.6 to the 48.5% it already owns. 2 Including Index Ventures. 3 Acquisition.
Hardware 4 Purchased 70% of the equity. 5 Including RePie Asset Management.
Evolis France HID 11 * 6 Led by Nineyards Equity. 7 Including IDC Ventures. 8 Including
CyberAgent Capital. 9 Debt and equity round. 10 Including United
iMin Technology Singapore pre-Series A 12 $20.0 Ventures. 11 Purchased 98.5% of the equity. 12 Led by Younghua
Merchant Processing, Acquiring Capital. 13 Purchased remaining 49% equity from ABN Amro. 14 From
Visa. 15 Innovative Payment Solutions. 16 On the Tokyo Stock
EMS Netherlands Fiserv 13 *
Exchange. 17 Purchased majority stake. 18 Led by Susquehanna
Form3 UK strategic round 14 * Private Equity. 19 Including Manila Angel Investors. 20 Led by Talino
GCS Dominican Republic Grupo Popular 3 * Ventures Studios. 21 Led by Dragonfly Capital. 22 From Cardtronics
and NCR. 23 Led by Lakestar. ©2023 Nilson Report

www.nilsonreport.com NILSON REPORT 15

 Investments & Acquisitions—September 2023

Publicly Traded Companies in Payments

Market Data as of October 10, 2023
Market Stock Stock 52 Week Market Stock Stock 52 Week
Company Cap. Exch. Price Low/High Company Cap. Exch. Price Low/High
HEADQUARTERS USD (MIL.) USD USD HEADQUARTERS USD (MIL.) USD USD

PAYMENT PROCESSORS CREDIT, DEBIT AND PREPAID CARD ISSUERS

Fiserv, US 69,898 NYSE 114.52 91.55 – 130.74 FleetCor, US 19,336 NYSE 260.25 161.69 – 278.35
PayPal, US 63,379 Nasdaq 57.96 55.86 – 92.62 Edenred, France 15,903 Euronext 56.17 48.77 – 66.26
FIS, US 31,454 NYSE 52.29 48.57 – 85.18 Synchrony Financial, US 12,479 NYSE 29.64 26.59 – 40.88
Global Payments, US 29,957 NYSE 114.17 92.27 – 129.70 SBI Cards & Pay Serv., India 9,011 NSE 9.39 8.36 – 11.22
Block, US 26,063 NYSE 44.30 40.77 – 89.97 Wex, US 8,244 NYSE 188.27 129.47 – 204.06
Adyen, Netherlands 24,106 Euronext 752.81 659.16 – 1,804.19 SoFi Technologies, US 7,943 Nasdaq 8.25 4.24 – 11.70
Jack Henry, US 10,834 Nasdaq 148.23 139.28 – 202.66 The Bancorp, US 1,894 Nasdaq 34.83 22.11 – 41.52
Nexi, Italy 8,306 Euronext 5.87 5.57 – 10.67 Bread Financial, US 1,590 NYSE 31.21 23.19 – 44.52
Worldline, France 7,807 Euronext 25.33 25.28 – 50.92 Pathward Financial, US 1,269 Nasdaq 48.52 34.02 – 60.49
PayTM, India 7,245 NSE 10.94 5.27 – 11.48 Eurowag, Czech Republic 796 LSE 117.95 84.78 – 133.31
dLocal, Uruguay 5,600 Nasdaq 18.51 9.03 – 24.65 Green Dot, US 688 NYSE 13.07 12.80 – 21.37
Shift4 Payments, US 4,380 NYSE 53.00 36.33 – 76.40 Zaggle, India 325 NSE 2.57 1.87 – 2.72
GMO Pymt. Gateway, Japan 4,046 Tokyo 52.89 52.06 – 89.62 EML Payments, Australia 267 ASX 0.70 0.25 – 0.81
Kakao Pay, South Korea 3,932 KRX 29.07 24.15 – 54.11 Blue Label, South Africa 148 JSE 16.07 12.34 – 30.47
Euronet, US 3,848 Nasdaq 75.45 71.60 – 121.55 PaySign, US 97 Nasdaq 1.86 1.74 – 3.99
Stone, Brazil 3,290 Nasdaq 9.97 8.09 – 14.83 Change Financial, Australia 28 ASX 0.05 0.03 – 0.05
Marqeta, US 3,115 Nasdaq 5.74 3.46 – 8.23 LOYALTY/REWARDS
PagSeguro, Brazil 2,824 NYSE 8.29 7.51 – 14.97 Cardlytics, US 516 Nasdaq 13.52 2.57 – 19.57
Network Intl., UK 2,558 LSE 480.16 285.30 – 493.68 Groupon, US 309 Nasdaq 15.18 2.89 – 16.25
Evertec, Puerto Rico 2,435 NYSE 37.93 30.17 – 42.03 Aimia, Canada 213 Toronto 2.58 2.04 – 3.17
Nuvei, Canada 2,185 Nasdaq 16.08 14.29 – 43.81 PAYMENT CARD NETWORKS
Payoneer, US 2,184 Nasdaq 6.05 4.02 – 8.04 Visa, US 492,081 NYSE 234.90 174.60 – 250.06
Cielo, Brazil 1,909 São Paulo 0.69 0.64 – 1.20 Mastercard, US 377,233 NYSE 395.54 276.87 – 418.60
Global Blue, Switzerland 1,054 NYSE 5.80 3.49 – 7.60 American Express, US 111,154 NYSE 149.50 130.65 – 182.15
Deluxe, US 824 NYSE 18.72 13.61 – 21.59 Discover, US 22,830 NYSE 91.00 84.43 – 122.50
Paysafe, Isle of Man 693 NYSE 11.04 9.34 – 24.25 BILL PAYMENT COMPANIES
i3 Verticals, US 670 Nasdaq 19.89 18.59 – 30.84 Bill Holdings, US 11,510 NYSE 112.69 68.30 – 139.50
Repay, US 634 Nasdaq 6.47 4.36 – 10.43 EngageSmart, US 3,401 NYSE 20.83 15.01 – 21.84
Boku, US 531 LSE 177.54 147.44 – 192.90 Paymentus, US 1,947 NYSE 15.68 6.75 – 17.24
Tyro Payments, Australia 408 ASX 0.83 0.60 – 1.16 AvidXchange, US 1,880 Nasdaq 9.11 7.02 – 12.75
NewtekOne, US 349 Nasdaq 13.93 10.75 – 20.83 PayPoint, UK 487 LSE 631.54 457.68 – 737.20
Lesaka Tech., South Africa 269 Nasdaq 4.32 3.02 – 4.89 Fawry, Egypt 473 EGX 0.14 0.10 – 0.22
Jumia, Nigeria 266 NYSE 2.73 2.23 – 5.77 Payfare, Canada 182 Toronto 3.87 2.94 – 5.48
Priority Technology, US 255 Nasdaq 3.35 2.62 – 6.16 CARD MANUFACTURERS
Transaction Media, Japan 206 Tokyo 5.50 5.36 – 13.31 Thales, France 29,972 Euronext 142.97 115.73 – 153.06
GHL Systems, Malaysia 193 BM 0.17 0.14 – 0.21 Chutian Dragon, China 1,005 Shenzhen 2.13 2.11 – 3.44
Bango, UK 184 LSE 223.62 192.50 – 331.50 Eastcompeace, China 893 Shenzhen 1.52 1.18 – 2.26
CoreCard, US 179 NYSE 20.99 19.21 – 35.48 Wuhan Tianyu, China 725 Shenzhen 1.66 1.26 – 2.14
Netstars, Japan 111 Tokyo 6.57 6.23 – 9.05 CompoSecure, US 494 Nasdaq 6.25 4.26 – 7.90
Quisitive Tech., Canada 95 TSXV 0.26 0.18 – 0.60 Valid, Brazil 267 São Paulo 3.31 1.55 – 3.83
Novatti, Australia 19 ASX 0.05 0.05 – 0.23 Kona I, South Korea 206 Kosdaq 14.48 10.72 – 17.08
Ryvyl Inc., US 18 Nasdaq 3.20 2.63 – 17.50 CPI Card, US 191 Nasdaq 17.13 15.54 – 45.95
OLB, US 10 Nasdaq 0.64 0.56 – 1.30 Goldpac, Hong Kong 147 HKSE 0.18 0.16 – 0.23

16 NILSON REPORT October 2023 Issue 1250

 Message from the Publisher

Market Data as of October 10, 2023

Market Stock Stock 52 Week Market Stock Stock 52 Week
Company Cap. Exch. Price Low/High Company Cap. Exch. Price Low/High
HEADQUARTERS USD (MIL.) USD USD HEADQUARTERS USD (MIL.) USD USD

ECOMMERCE/MARKETPLACES WITH PAYMENTS BUY NOW, PAY LATER COMPANIES

Shopify, Canada 70,655 NYSE 53.73 23.63 – 71.43 Affirm, US 5,896 Nasdaq 18.95 8.62 – 25.63
Mercado Libre, Argentina 63,032 Nasdaq 1,245.20 754.76 – 1,451.56 Zip, Australia 152 ASX 0.17 0.17 – 0.60
Ebay, US 23,159 NYSE 43.48 35.92 – 52.23 Humm, Australia 138 ASX 0.28 0.24 – 0.45
BigCommerce, US 749 Nasdaq 9.81 6.81 – 15.68 Sezzle, US 71 ASX 11.56 0.26 – 15.97
FRAUD FIGHTING/IDENTITY/SECURITY Splitit, US 12 ASX 0.02 0.02 – 0.16
Relx, UK 67,222 NYSE 35.60 23.77 – 35.74 MONEY TRANSFER COMPANIES
Verisk Analytics, US 35,452 Nasdaq 244.33 162.94 – 249.26 Wise, UK 8,964 LSE 855.89 599.59 – 956.89
Equifax, US 22,981 NYSE 185.42 145.98 – 240.35 Global-e, Israel 5,953 Nasdaq 37.44 18.14 – 45.72
FICO, US 22,102 NYSE 895.54 389.84 – 916.41 Western Union, US 4,899 NYSE 13.16 10.07 – 14.84
Okta, US 13,948 Nasdaq 83.50 44.12 – 91.50 Remitly, US 4,684 Nasdaq 26.50 8.94 – 27.12
TransUnion, US 13,920 NYSE 70.70 50.32 – 82.75 Flywire, US 3,752 Nasdaq 29.27 17.16 – 35.80
Dun & Bradstreet, US 4,309 NYSE 9.67 9.45 – 15.45 Cab Payments, UK 742 LSE 253.11 240.07 – 414.06
Crisil Limited, India 3,581 NSE 46.90 32.77 – 49.83 Intl. Money Express, US 612 Nasdaq 17.17 16.35 – 28.24
GB, UK 1,120 NYSE 5.80 3.49 – 7.60
All figures are shown in US dollars with exchange rates as of October 10,
Riskified, Israel 720 NYSE 4.10 3.81 – 6.73 2023. ASX is the Australia Securities Exchange based in Sydney. BM is
Bursa Malaysia based in Kuala Lumpur. CSE is the Casablanca Stock
Mitek Systems, US 506 Nasdaq 11.14 8.60 – 13.98
Exchange in Morocco. EGX is the Egyptian Exchange based in Cairo.
OneSpan, US 413 Nasdaq 10.47 8.15 – 19.25 Euronext is a pan-European stock exchange connecting seven European
economies based in Amsterdam. HKSE is the Hong Kong Stock Exchange.
ClearSale, Brazil 170 São Paulo 0.86 0.82 – 1.51 JSE is the Johannesburg Stock Exchange in South Africa. Kosdaq is the
De La Rue, UK 154 LSE 76.18 35.75 – 130.82 Korean Securities Dealers Automated Quotations Exchange based in Seoul.
KRX is the Korea Exchange based in Busan. LSE is the London Stock
Idex Biometrics, Norway 50 Oslo 0.04 0.04 – 0.13 Exchange based in the UK. MSE is the Malta Stock Exchange based in
Fingerprint Cards, Sweden 48 OMX 0.08 0.08 – 0.62 Valletta. Nasdaq and NYSE (New York Stock Exchange) are based in
New York. NSE is the National Stock Exchange of India based in Mumbai.
Intellicheck, US 41 Nasdaq 2.16 1.85 – 3.00 NZX is the New Zealand Stock Exchange based in Wellington. OMX is
HARDWARE/SOFTWARE COMPANIES the Nasdaq Nordic exchange in Stockholm, Sweden. São Paulo is the B3
Exchange based in São Paulo. TSXV is the TSX Venture Exchange based in
Toast, US 9,668 NYSE 17.29 15.77 – 27.00 Calgary. TWSE is the Taiwan Stock Exchange. © 2023 Nilson Report
GRG Banking, China 4,197 Shenzhen 1.69 1.10 – 1.83
NCR, US 3,762 NYSE 26.35 18.06 – 30.99 NOW AVAILABLE TO ORDER
ACI Worldwide, US 2,295 Nasdaq 21.26 19.68 – 29.14
Lightspeed, Canada 2,228 NYSE 14.24 12.45 – 20.12 The World’s Top Card Issuers
XGD, China 1,832 Shenzhen 3.46 1.51 – 4.30
Everi, US 1,151 NYSE 12.88 12.36 – 19.85
and Merchant Acquirers
Zuora, US 1,121 NYSE 7.92 5.45 – 12.12 15th edition
Par Technology, US 1,080 NYSE 38.98 20.37 – 46.63
Olo, US 973 NYSE 5.71 5.62 – 9.55  ore than 150 pages list 1,370
M
Pax Global, China 751 HKSE 0.71 0.69 – 0.99 financial institutions in 120 countries
Nayax, Israel 729 Nasdaq 21.00 16.38 – 29.14
 ow available to read, search, print
N
Feitian Technologies, China 628 Shenzhen 1.47 1.24 – 2.04
and download using our PDF viewer
Cantaloupe, US 517 Nasdaq 6.95 2.77 – 8.29
Castles Technology, Taiwan 386 TWSE 3.94 1.56 – 4.59  5 downloadable datasets in Excel
6
RS2 Software, Malta 328 MSE 1.50 1.11 – 1.66 format—our most requested feature
Eckoh, UK 140 LSE 45.78 36.86 – 56.52
Presto Automation, US 98 Nasdaq 1.70 1.23 – 5.74
 op 300 Issuers Worldwide by
T
country ranked by purchase volume
AGS Transact, India 88 NSE 0.73 0.53 – 1.07
AppTech, US 55 Nasdaq 3.10 0.40 – 5.37  op Merchant Acquirers Worldwide
T
HPS, Morocco 48 CSE 64.20 52.59 – 65.37 ranked by purchase volume and transactions

www.nilsonreport.com NILSON REPORT 17

OUR PROMISE
No paid advertising.
No sponsored content of any kind. Message from the Publisher,
No pay-to-play interviews.
Many businesses enter the fourth quarter deciding how best to allocate funds.
Allow us to make a suggestion: Our annual Research Publication. We are fast
We do not promote white papers, approaching the debut of the 15th edition of this invaluable resource. And there’s
podcasts or seminars in return for one more benefit. When you purchase our compilation of exclusive research and
financial compensation. statistics today, your newsletter subscription will be extended for one full year.

We do not promote products or services.

No company can pay to be featured
in our newsletter.
David Robertson, Publisher
This issue is for your personal use only. October 18, 2023
Forwarding or posting this issue is
prohibited by copyright law.

© 2023 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. ISSN 2831-2635