middle east/africa’s largest acquirers...

7 Asia–Pacific General Purpose Cards 2015 vs. 2014 8 U.S. Visa & MasterCard Commercial Cards 9 U.S. Visa & MasterCard Credit Cards Ranked 101-150

11 Largest Merchant Acquirers Middle East/Africa 2015

2 – 4 Fast Facts 4 Investments & Acquisitions — June 2016 5 Visa Digital Commerce App 9 Instant Payments in Greece

INSIDE CHARTS

Middle East/Africa’s Largest AcquirersThe 31 largest Visa/MasterCard merchant card acquirers in the Middle East/Africa region are ranked on page 11. This group, which represented acquirers in 13 countries, collectively

Asia–Pacific General Purpose Cards

Credit, debit, and prepaid general purpose cards issued in the Asia–Pacific region carrying the UnionPay, Visa, MasterCard, JCB, American Express, and Diners Club brands generated $11.409 trillion in purchase volume of goods and services in 2015, up 25.9%. Total volume (purchase volume combined with cash advances and cash withdrawals) reached $13.287 trillion in 2015, up 24.6%.

ACH Payments in the U.S. — 2015Payments settled electronically through automated clearinghouse (ACH) networks in the U.S. operated by the Federal Reserve System and the EPN bank consortium exceeded 24 billion in

American Airlines’ Co-Brand PartnersAmerican Airlines, the world’s largest carrier based on passenger traffic, has filed a statement with the U.S. Securities and Exchange Commission advising that it expects new co-branded card

Court Voids Interchange Settlement with RetailersFederal antitrust litigation brought by a consortium of retailers over interchange fees charged on Visa and MasterCard transactions between January 2004 and November 2012, which led to an

Third 50 Largest U.S. Credit Card IssuersTurn to page 9 for the Visa and MasterCard commercial and consumer credit cards issuers in the U.S. ranked 101-150 based on outstandings at year-end 2015.

U.S. Commercial Bank Cards — Part 2Commercial cards issued in the U.S. with MasterCard and Visa brands generated $718.74 billion in purchases of goods and services in 2015, up 8.9% over 2014. Consumer and commercial purchase

HPE Security in Payment SystemsWhen Hewlett-Packard split into two companies last year, storage, servers, and software became Hewlett Packard Enterprise (HPE). HPE’s Data Security business has four segments that impact

UnionPay•

Visa•

MasterCard•

JCB•

Amex•

Diners• ‘14‘15

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‘14‘15

124.1124.1142.6

‘14‘15

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‘14‘15 1,466.7

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Change inBasis Points

–2–12–13–77–125

+229

77% 13% 7% 2% 1% <1%

DinersAmexJCBMaster-Card

VisaUnionPay

Market Shares

Purchase Volume ($Bil.)

© 2016The Nilson Report

Asia–PacificPurchase Volume 2015 vs. 2014

> see p. 9

> see p. 5

> see p. 11

> see p. 12

> see p. 8

> see p. 8

> see p. 10

> see p. 6

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Conferences & Seminars

The Prepaid Press Expo — The Show for Prepaid Wireless and Services: August 9-10, 2016. The Planet Hollywood, Las Vegas, Nevada. Estimated attendance: 1,800; 65+ exhibitors. Use Code NILSON for $150 two-day all access pass; free exhibit hall pass (through July 31). Contact Robin Tobias for more information, (305) 421-7209, x503, [email protected]. Register at www.prepaidpressexpo.com.

2016 MWAA Conference: July 26-28, 2016. The Renaissance Cleveland Hotel, Cleveland, Ohio. Estimated attendance: 600. Cost for the three-day conference is $100 until July 25 ($200 after that). Contact Rod Katzfey at MWAA, (770) 330-7141, [email protected]. Register at www.midwestacquirers.com.

Wespay Payments Symposium 2016: September 12-14, 2016. The Green Valley Ranch Resort Spa & Casino, Henderson, Nevada. Estimated attendance: 250. Cost for the three-day conference is $895 (member); $1,395 (nonmember). Subscribers to The Nilson Report will receive a 20% discount. (Use code 16PSNR.) Contact Kari Patrick at Prodev, (812) 339-6374, [email protected]. Register at www.paymentssymposium.org.

EXPERIAN’S CrossCore platform is designed to catch fraud faster as well as to improve compliance matters. It makes it easier for companies to connect tools and systems in one place, whether they are from Experian, developed in-house, or from third-party vendors. CrossCore lets organiza-tions manage services through a common access point that supports a layered approach to managing risks. It includes workflow and strategy design capabilities. Steve Platt is Global EVP, Fraud and Identity, (858) 314-9330, [email protected], www.experian.com.

AMERICAN EXPRESS merchants will not be held liable for chargebacks for counterfeit fraud when a transaction is under $25 by the end of August 2016. By year-end, Amex plans to limit the number of counterfeit fraud chargebacks to a total of 10 per card account. The card issuer, not the merchant, will bear the liability for any additional counter-feit fraud transactions after 10 chargebacks. Cardholders will not lose their right to dispute any fraudulent trans-actions. Mike Matan is VP, Global Business, (212) 640-0681, [email protected], www.americanexpress.com.

FIFTH THIRD BANK, the 17th largest credit card and 16th largest debit card issuer in the U.S. among Visa and Master-Card issuers, now offers customers the option to make card payments via Samsung Pay. Randy Koporc is EVP and Head of Payments and Commerce Solutions at Fifth Third Bank, (513) 534-2151, [email protected], www.53.com.

BILLTRUST, provider of automated invoice delivery, invoice payment, and cash applications, which companies use to improve cashflow, has formed a partnership with AvidXchange, provider to 5,500 clients of an automated invoice and payment processing platform. Billtrust customers will be offered AvidXchange automated accounts payable software. Flint Lane is CEO at Billtrust, (609) 235-0846, [email protected], www.billtrust.com. Michael Praeger is CEO at AvidXchange, (704) 971-8101, mpraeger@ avidxchange.com, www.avidxchange.com.

THE KROGER CO. has filed a lawsuit in U.S. District Court for the Southern District of Ohio against Visa over PIN vs. signature for EMV-compliant card transactions. Kroger’s POS terminals do not present debit customers the option of sign-ing for a payment. They prompt for PIN, which violates Visa regulations. Kroger says Visa assessed a $7-million fine for not offering cardholders the option to sign. Home Depot has sued Visa and MasterCard and Walmart has sued Visa over the PIN versus signature matter.

ATLANTIC PACIFIC PROCESSING SYSTEMS (APPS), an ISO serving U.S. merchants, is offering its small business customers APPS Insights, a software platform that delivers revenue, reputation, and competition information. That information is provided by Womply. Cory Capoccia is President at Womply, (310) 571-8547, [email protected], www.womply.com. Abe Maghaguian is CEO at APPS, (714) 241-1402, [email protected], www.approcessing.com.

NORTH AMERICAN BANCARD’S PayAnywhere mobile POS service’s 3-in-1 Credit Card Reader is available at Best Buy stores. The PayAnywhere reader plugs into the audio jack of a smartphone or tablet. It can handle mag-stripe, contact chip, and contactless chip payments. Marc Gardner is CEO at North American Bancard, (248) 269-6000, [email protected], www.nabancard.com.

WELLS FARGO PAYMENT MANAGER, to be available in 2017, will let the bank’s commercial, corporate, and institutional customers speed up business-to-consumer payments. Businesses will be able to pay any consumer who has a U.S. bank account using only the recipient’s email address or mobile phone number and any needed remittance details. There will be no need to collect or store bank account information. Keith Theisen is EVP and Product Management Director, Treasury Management Group at Wells Fargo, (612) 667-9958, [email protected], www.wellsfargo.com.

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UGO MOBILE SOLUTIONS, the first open digital wallet application in Canada, has launched a host card emulation (HCE) service tied to Visa’s tokenization technology. UGO Wallet for Android devices will use encrypted tokens for mobile Visa payment transactions. Alec Morley is CEO at UGO, (416) 545-6542, [email protected], www.ugo.ca.

THALES payShield 9000 hardware security modules are being used by mobile point-of-sale provider Swiftch in the United Arab Emirates to enable point-to-point encryption between mobile card readers from Miura and an internet-based payment gateway. Aditya Anand is CEO at Swiftch, (971) 4223-7870, [email protected], www.swiftch.com. Peter Galvin is VP Strategy Thales e-Security, (408) 433-6000, [email protected], www.thales-esecurity.com.

OT’S (Oberthur Technologies) Dubai service center has received UnionPay International certification for mag-stripe and EMV card personalization. That facility provides personalization services to most banks in the United Arab Emirates and others in the Middle East and Africa. Muzaffar Khokhar is Regional President for Russia, Middle-East and Africa at OT, (971) 4806-9400, [email protected], www.oberthur.com. Han Wang is General Manager, Middle East at UnionPay International, (971) 4454-2632, [email protected], www.unionpayintl.com.

THE LOGIC GROUP is the first Point-to-Point Encryption v2 provider to receive global accreditation from the PCI Council. The company’s Solve DataShield Payments product is available in the U.K. The Logic Group is a unit of Barclaycard. Robin Adams is Director Tech Strategy at The Logic Group, 44 (330) 159-6665, [email protected], www.the-logic-group.com.

MASTERCARD will offer Apple Pay to issuers in Hong Kong, along with the MasterCard Digital Enablement Service, which creates a unique Device Account Number (token) that is encrypted and securely stored in the secure element on the iPhone or Apple Watch. Hiang Choong is Division President Hong Kong, Macau & Taiwan at MasterCard, (852) 2588-8388, [email protected], www.mastercard.com.

CONCARDIS, Europe’s 35th largest merchant acquirer and the largest in Germany with 110,000 merchants, will offer its customers China’s Alipay as a mobile payment method. Alipay, which is QR-code based, will promote Concardis merchants on the global lifestyle platform feature in its app. Sabrina Peng is President at Alipay International, 86 (571) 2688-8888 x37610, [email protected], www.alipay.com. Marcus Mosen is CEO at Concardis, 49 (69) 7922-4700, [email protected], www.concardis.com.

CARDTEK PAYMENT SOLUTIONS offers TokenXpert, which can perform all functions required of a token service provider. The first layer includes creating tokens for bank identification numbers and storing them in a database with hardware security modules. The second layer produces a new token to replace on-site sensitive data and transmits these new token values to the main management systems. Ahmet Akgun is General Manager, 90 (850) 277-6767, [email protected], www.cardtek.com.

Ron Hynes, formerly at MasterCard Worldwide, has been appoint-ed Chief Executive Officer at UniRush, (513) 489-7874, [email protected]. Marco Bravo, formerly at Microsoft, has been appointed Vice President, Latin America Division at ACI Worldwide, 55 (11) 3365-0765, marco.bravo@ aciworldwide.com. Sonny Wooten has been appointed Vice President of Business Development at National Benefit Programs, (678) 666-2627, [email protected]. Ayesha Haque has been appointed Director Client Management at i2c Inc., (650) 593-5400 x4110, [email protected]. Jake Posey has been appointed Director, Program Management at i2c Inc., (650) 593-5400 x5026, [email protected]. Karen Postma has been appointed Vice President of Risk and Consumer Services at TMG, (515) 457-2000, [email protected]. Robert Butler has been appointed Vice President of Client Relations at TMG, (515) 457-2000, [email protected]. Tracy Molino, formerly at Bank of Montreal, has been appointed General Counsel and Chief Compliance Officer at NanoPay, (416) 900-1111, [email protected]. Nick Holland has been appointed Digital Marketing Manager, Payments at Dunkin’ Brands, (781) 737-5280, [email protected].

Management Changes

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Asia/Pacific, United States, Europe, Canada Latin America, Middle East/Africa

Merchant Acquirers in 76 Countriesfrom all World Regions

Order Todaywww.nilsonreport.com/specialreport

© 2016 HSN Consultants, Inc. THE NILSON REPORT 3JULY 2016 / ISSUE 1090 / THE NILSON REPORT

https://www.nilsonreport.com/publication_special_report.php

Investments & Acquisitions — June 2016Below is a list of 50 mergers, acquisitions, and corporate financing deals that occurred in 20 countries in June 2016. In the first six months of 2016 we have identified 287 transactions in 46 countries. Those deals involved: credit

cards, prepaid cards, mobile payments, social payments, loyalty, cryptocurrency, money transfers, payment processors, bill payment, card manufacturing, merchant acquiring, person-to-person payments, and fraud protection.

B2B PAYMENTS

Klik CheckAlt 1 * U.S. Tradeshift Series D 2 $75.0 U.S. CREDIT CARDS

Costco cards Citi 3 $10,500.0 U.S. CRYPTOCURRENCY

CleverCoin Kraken 1 * Netherlands Colu Series A 4 $9.6 Israel Pandora (digital curr. assets) Writ Media Group1 * U.S. Quoine Series A 5 $20.0 Singapore Canaan Creative Shandong Luyitong 1 * China XBT Group Global Advisors 1 * Sweden ECOMMERCE

PromisePay Series A 6 $10.0 Australia HARDWARE

Magicard undisclosed round 7 * U.K. Wayne Fueling Dover 1 $780.0 U.S. Wincor Nixdorf/Aisino joint venture * China LOYALTY

fl exReceipts Synchrony Financial 8 * U.S. ifeelgoods Series B 9 $6.0 France Incentive Logic Augeo 1 * U.S. PredictSpring Series A 10 $11.4 U.S. VMob undisclosed round 11 * U.S. MERCHANT ACQUIRING

Alpha Payments Cloud seed funding 12 * Ireland ePaylater angel funding 13 $2.0 India Inicis NHN Entertainment 14 $15.0 Korea Masterpayment Net1 15 * Germany Processing.com undisclosed round 16 * U.S. Sezzle seed funding 17 $1.3 U.S. MOBILE PAYMENTS

CardsMobile Lanit 18 $2.5 Russia

Harbortouch Payments equity investment 19 * U.S. Muume Series A 20 $2.2 Switzerland Nettcash Brainworks Capital 21 $1.3 Zimbabwe Parkmobile BMW 22 * U.S. PennyPass angel funding 23 * U.S. PinPay undisclosed round 24 $2.5 Lebanon MONEY TRANSFERS

TransferGo Series A 25 $3.4 U.K. P2P PAYMENTS

Tapp Commerce Series A 26 $9.0 Finland PERSONAL FINANCE

OptioPay seed funding 27 $7.9 Germany Pocketbook zipMoney 1 $7.5 Australia PREPAID CARDS

Citi Prepaid Wirecard 1 * U.S. Higher One Blackboard 1 $259.5 U.S. InterCard Sandpiper Digital 28 * Germany Loot Series B 29 $2.0 U.K. SECURITY

AssureTec Technologies Acuant 1 * U.S. Encap Security AllClear ID 1 * Norway Final Series A 30 $8.0 U.S. moQom undisclosed round 31 $3.0 Ireland QuadMetrics FICO 1 * U.S. Socure undisclosed round 32 * U.S. SOCIAL PAYMENTS

Circle Internet Financial Series D 33 $60.0 U.S.SOFTWARE

Fime Chequers Capital 1 * France Optimal Blue GTCR 1 * U.S. Plaid Technologies Series B 34 $44.0 U.S. TELECOM BILLING

Telekom New Media Dimoco 35 * Hungary

*Terms not disclosed. 1Acquisition. 2Including HSBC and American Express. 3Acquisition of co-branded card portfolio from American Express. 4Led by Aleph Venture Capital. 5Led by Jafco. 6Led by Carsales. 7From LDC. 8Strategic investment. 9Led by Up Group. 10Led by Felicis Ventures. 11From Vix Technology. 12From Wells Fargo Startup Accelerator. 13Undisclosed individuals. 14Purchased 5% of equity. 15Purchased the 40% it did not already own. 16From LaSalle Capital. 17From E-Merge. 18Purchased 28.6%. 19From Searchlight Capital. 20From Heliad

Equity Partners. 21Purchased 49%. 22Purchased majority stake. 23Investors not disclosed. 24From Fransabank. 25From Vostok Emerging Finance. 26From Amma Private Equity. 27From Auden. 28Increased ownership to 50%+. 29From Speedinvest and Global Founders Capital. 30From Digital Garage and Runa Capital. 31From Pinemont. 32From Santander InnoVentures. 33Led by IDG Capital. 34From Goldman Sachs. 35Purchased carrier billing payment business. © 2016 The Nilson Report

AmountCompany Buyer/Investor (mil.) Country

AmountCompany Buyer/Investor (mil.) Country

Investments & Acquisitions June 2016


PAYWORKS will offer chip & PIN EMV-compliant card readers to custom-ers of Stripe in the U.S., France, and Finland. The companies already work together in the U.K. and Ireland. Payworks is a mobile payment processer and gateway provider. Stripe acquires card payments in 25 countries. Christian Deger is CEO at Payworks, 49 (89) 4161-58400, [email protected], www.payworks.com.

WIRECARD and VERIFONE have formed a partnership to promote POS terminal acceptance in Asia–Pacific. They will start in Indonesia where Wirecard owns PT Prima Vista Solusi. Rudy Khowara is Managing Director, Global POS at Wirecard, 62 (21) 8370-9520, [email protected], www.wirecard.com. Anthony Chalhoub is GM at Verifone SE Asia, (65) 8183-9694, [email protected], www.verifone.com.

Investments & Acquisitions — June 2016



payment systems. All deal with the encryption and tokenization of data either through hardware security modules (HSM) or software. HSMs are vaults that hold encryption keys. They are installed behind firewalls at data centers and connect to card networks. HSMs perform multiple functions triggered by a discrete command for each function. Sending minimal information in a command and receiving minimal information in response is a built-in security feature. That

model of communication is used when verifying a payment card’s CVV number, a chip card’s ARQC for tokenization and 3D Secure, and when PINs are sent to card issuers from ATMs and POS terminals.

HP gained hardware security module technology in the acquisition of Compaq in 2001. Compaq owned

Atalla Corp., which invented HSMs 40 years ago, and HPE has continued to

invest in the Atalla product line. Multiple HSMs can be combined to handle

growing transaction volume, and higher speed HSMs are available for higher value transactions such as PIN translations and verifications. HPE

The latest product from the Visa Digital Strategy program is the Visa Digital Commerce App for

issuer-branded mobile payments and value-added services.

The app, currently available only in the U.S., already has more than 60 card-issuing customers. They will make it available to cardholders with smartphones using the iOS and Android operating systems.

Issuers can customize their version of the app from among 18 features. Debit, credit, and prepaid products can have a mix of features. Tokenized mobile contactless is available only for Android devices.

The user interface was created by an in-house design team at Visa, which took more than a year to fully develop both the Visa Digital Commerce App and the end-to-end, Visa-hosted platform with its integrated APIs and SDKs. That design work was configured at the product (consumer credit, debit, and reloadable prepaid) level and issuer brand level.

Visa says it wanted to make, through added functionality, a digital card on a mobile device that was more powerful than a plastic card. Issuers gain the opportunity to incorporate their

brand in a dozen places throughout the Visa Digital Commerce App.

After providing customization features and configuration choices, issuers can be in a beta test in 60 days with the Visa Digital Commerce App, which stands alone or is linked to their mobile banking app — but never integrated into it.

Simon Keys is Senior Account

Executive at Visa Inc. in New York,

(212) 521-3914, [email protected],

www.visa.com.

More than 60 card-issuing customers have been signed so far.

APP FEATURES

CURRENTMobile Tokenized Contactless Payments for Android 1

Visa Transaction Alerts 2

Balance AlertsAccount Balance StatusTransaction HistoryFunds Transfers 3

Locater Services 4

Pre-Login Quick AccessMobile Location ConfirmationCheck Deposits with Guaranteed Funds for Prepaid Cards 5

Fingerprint AuthenticationConsumer Transaction Controls (Card On/Off)In-App Redirect to other AppsVisa Checkout Provisioning

PENDINGDigital Card IssuanceTwo-Way Fraud AlertsRewards and Loyalty Program SupportPerson-to-Person Payments

1For Android phones. 2For Visa and unaffili-ated debt networks. 3For accounts linked to a debit card. 4ATMs, branches, prepaid-reload locations, NFC locations, and more. 5With guaranteed funds – prepaid card only.

Visa Digital Commerce App

> see p. 6

HPE Security in Payment Systemsfrom page 1...


http://www.visa.com

Purchase volume accounted for 85.87% of the total and cash the remaining 14.13%. In 2014,

purchases were 84.98% of total volume and cash was 15.02%.

UnionPay purchase volume grew to $8.751 trillion, up 29.8%.

Visa purchase volume was $1.467 trillion, up 14.8%, MasterCard at $841.60 billion was up 14.0%, JCB increased 17.2% to $198.27 billion, American Express increased 14.9% to $142.61 billion, and Diners Club declined 4.2% to $8.63 billion.

UnionPay’s market share of purchase volume was 76.71%, up from 74.41%. However, UnionPay purchase volume is not comparable with other card networks. It benefits from spending in China for real estate, cars, wholesale markets, and other big-volume transactions. Real estate in particular contributed significant growth last year.

Atalla devices are tamper resistant. The derived keys will be destroyed or the whole device will shut down depending on the degree of attack.

HPE also offers a software development kit (SDK) to acquirers, processors, and large merchants to encrypt payment card data immediately when the card is swiped or dipped in a POS terminal. The technology protects even EMV-compliant chip card data as part of the point-to-point encryption (P2PE) process.

Of the nine largest U.S. merchant acquirers, eight use the HPE SecureData Payments Host SDK. That technology came to HPE in last year’s acquisition of Voltage Security. Other customers include POS terminal manufacturers such as Ingenico and Verifone, which integrate HPE’s encryption software into their devices.

Other HPE software uses format-preserving encryption (FPE) and secure stateless tokenization (SST) to secure data as it moves through the payment process to a protected back-end server. FPE is

a National Institute of Standards & Technology approved security standard. SST uses stateless technology that eliminates a token database. This significantly improves speed, scalability, security, and manageability versus conventional tokenization. HPE software generates simple tokens using random data. The tokens are for internal use only and are never sent into a network. They are issued after a card authorization has been conducted with the networks. Adding tokens to internal applications reduces a merchant’s PCI compliance requirement. Additionally, they support consumer privacy protections such as those in the European Union.

HPE SecureData Web uses patented technology called page-integrated encryption (PIE) to protect ecommerce data before it is sent to the web and as it passes through web servers and intermediaries before reaching a back-end host. HPE SecureData Mobile protects sensitive data in native mobile applications. Smrithi Konanur is Senior Manager, Global Product

Management — Payments at HPE Data Security in

Cupertino, California, (408) 886-3253,

[email protected], www.hpe.com.

Eight of the largest U.S. acquirers use the SDK to encrypt card data.

Purchase Transactions on Cards Issued in Asia–Pacific 2015 vs. 2020Purchase Transactions on Cards Issued in Asia–Pacific 2015 vs. 2020

©2016 The Nilson Report

UnionPay 29.03 98.43

Visa 18.06 32.77

MasterCard 10.59 20.33

JCB 2.77 5.33

Amex 0.68 1.25

Diners 0.06 0.06

61.19 158.17

2013

2018

61

61%

6221

13

17

3

52020

2015

30

47

Brand 2015 (Bil.) 2020 (Bil.) Increase

239%

81%

92%

93%

158%

82%

4%

MarketShare >

Asia–Pacific General Purpose Cardsfrom page 1

HPE Security in Payment Systemsfrom page 5...


http://www.hpe.com


Consequently, UnionPay purchase transactions averaged $301 last year compared to $81 for Visa, $79 for MasterCard, $72 for JCB, $141 for Diners Club, and $209 for American Express.

Visa’s purchase volume market share was 12.86%, down from 14.10%. MasterCard’s share was 7.38%, down from 8.15%, JCB’s share was 1.74%, down from 1.87%, American Express’s share was 1.25%, down from 1.37%, and Diners Club’s share was 0.08%, down from 0.10%.

Cash accounted for 10.28% of total volume for UnionPay (up from 10.11%), 28.13% for Visa (down from 30.89%), 25.73% for MasterCard (down from 26.27%), 3.20% for JCB (down from 3.40%), 1.69% for Amex

(down from 1.83%), and 4.10% for Diners Club (up from 3.93%).

Transactions to purchase goods and services using cards issued in Asia-Pacific reached 61.19 billion in 2015, up 30.0%. UnionPay was the leader with a 47.44% share. Visa accounted for

29.51%. MasterCard’s share was 17.31%. JCB accounted for 4.52%. American Express’s share was 1.12%, and Diners Club accounted

for 0.10%.UnionPay cards

held a 79.46% market share of all global brand cards in the

region. UnionPay cards include those co-branded with Visa, MasterCard, JCB, and American Express. Visa was second with 12.27%. MasterCard held a 6.56% share. JCB, American Express, and Diners Club brands collectively accounted for 1.71%.

For Visa, cards issued in the region generated 21.14% of its global purchase volume, up from 20.36% in 2014. Cards issued in the region generated 14.32% of Visa’s global purchase transactions, up from 13.80%.

For MasterCard, cards issued in Asia–Pacific generated 25.04% of its global purchase volume, up from 24.63% in 2014. Asia–Pacific region cards generated 17.75% of MasterCard’s global purchase transactions, up from 17.11%.

Prior issues: 1070, 1047, 1023, 1002,

979, 956, 932

Purchase transactions reached 61.19 bil., up 30%.

Volume (bil.) Transactions (mil.) Cards Brand Total Chg. Purchases Chg. Cash Chg. Total Chg. Purchases Chg. (mil.) Chg.

UnionPay $9,754.54 30.0% $8,751.45 29.8% $1,003.09 32.3% 33,020.0 42.0% 29,030.0 47.0% 5,442.0 10.3%

Visa $2,040.67 10.4% $1,466.73 14.8% $573.94 0.5% 22,110.0 14.5% 18,055.0 15.9% 840.0 5.4%

MasterCard $1,133.23 13.2% $841.60 14.0% $291.63 10.9% 14,098.7 18.3% 10,592.3 20.1% 449.5 13.3%

JCB $204.83 16.9% $198.27 17.2% $6.55 10.0% 2,824.8 20.9% 2,766.8 21.0% 92.8 6.4%

Amer. Express $145.06 14.8% $142.61 14.9% $2.45 6.0% 699.4 18.8% 684.0 19.3% 22.6 10.0%

Diners Club $9.00 –4.0% $8.63 –4.2% $0.37 0.2% 65.0 0.3% 61.3 0.3% 1.6 –0.3% Totals $13,287.33 24.6% $11,409.30 25.9% $1,878.03 17.3% 72,817.8 26.7% 61,189.3 30.0% 6,848.5 9.8%

Includes all general purpose consumer and commercial credit, debit, and prepaid cards. Currency fi gures are in U.S. dollars. Change fi gures are based on local currency. Visa includes Electron. MasterCard excludes Maestro & Cirrus. JCB transactions are estimates, and all other fi gures have been adjusted to exclude estimated non-Asia-Pacifi c business. © 2016 The Nilson Report

Asia-Pacifi c General Purpose Cards 2015 vs. 2014

80%

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%©2016 The Nilson Report

Year-Over-Year Growth/Decline in PurchaseVolume* on Cards Issued in Asia–Pacific

UnionPay

Visa

JCBAmex

Diners

MasterCard

‘09 ‘11 ‘14 ‘15

*in local currency

‘08 ‘10 ‘13‘12


volume combined was $3.950 trillion last year, with commercial products accounting for 18.19% of that amount, essentially unchanged from 18.18% in 2014.

Commercial credit cards — small business credit, corporate T&E, and purchasing (which includes fleet cards) — generated $508.28 billion in purchase

volume in 2015, accounting for 25.46% of $1.997 trillion in combined purchase volume for all commercial and consumer credit products. This was a market share decline from 25.53% in 2014.

Commercial prepaid and small business debit cards generated $210.46 billion in purchase volume in 2015, accounting for 10.77% of $1.954 trillion in combined purchase volume for all consumer and commercial debit/prepaid cards. This market share was essentially unchanged from 10.78% in 2014.

Small business credit cards accounted for 46.52% of all commercial credit card purchase volume in 2015, up from 45.97% in 2014.

partnerships with Citi and Barclaycard US to generate a $1.55-billion increase in pretax earnings through 2018.

Even though profit margins are not what they once were, co-branded airline portfolios are valued for their stability, targeted distribution capacity, the loyalty of cardholders, and their low credit risk. The American Airlines portfolio was the last major airline

co-branded card business on the market in the U.S. following deals between American Express and Delta and JPMorgan Chase and United. The price American was able to get for its business necessitated the card issuers split the contract to make the new deal economically viable for them.

Barclaycard US was the exclusive issuer of co-branded US Airways Dividend Miles credit cards when that carrier merged with American Airlines in 2013. Citi has issued the American Airlines co-branded card for 29 years. Both issuers have been buying miles from American since the merger was completed, although only Citi has been permitted to open new accounts since April 2015 when the US Airways and American Airlines frequent flyer programs merged.

The new contract gives Citi the right to open new accounts using digital, mobile, direct

mail, Admirals Club lounges, and telemarketing channels. Barclaycard can solicit new accounts in airports and on flights beginning in January 2017. All American Airlines co-branded card accounts will be MasterCard.Matthew Massaua is Managing

Director, Airline Partnerships at

Barclaycard US in Wilmington,

Delaware, (302) 255-8575,

[email protected],

www.barclaycardus.com.

Rick Elieson is VP, Global Partner

Marketing at American Airlines

in Fort Worth, Texas, (817) 967-

9904, [email protected],

www.aa.com.

David Parkes is Managing Director,

Citi Cards at Citi in Long Island City,

New York, (718) 248-3303,

[email protected],

www.citi.com.

...will generate a $1.55-bil. increase in pretax earnings through 2018.

Visa MasterCard Total (bil.) Chg. (bil.) Chg. (bil.) Chg.

Small Business $159.82 14.6% $76.65 3.4% $236.47 10.7%

Purchasing & Fleet $134.12 6.2% $95.20 11.9% $229.32 8.5%

Debit & Prepaid $114.50 6.0% $95.96 10.2% $210.46 7.9%

Corporate $21.56 7.0% $20.93 6.6% $42.49 6.8%

TOTAL $430.00 9.2% $288.74 9.1% $718.74 8.9%

© 2016 The Nilson Report

U.S. Visa & MasterCard Commercial CardsPurchase Volume 2015

American Airlines’ Co-Brand Partnersfrom page 1...

U.S. Commercial Bank Cards — Part 2 from page 1...


http://www.barclaycardus.com

http://www.aa.com

http://www.citi.com


Purchasing/fleet cards accounted for 45.12%, down from 45.47%, and corporate T&E accounted for 8.36%, down from 8.56%.

Visa cards held a 59.83% share of combined credit and debit commercial purchase volume versus MasterCard in 2015, up from 59.69% in 2014. Visa held a 67.59% share of small business credit cards (up from 65.28%), a 58.49% share

of purchasing/fleet cards (down from 59.76%), a 50.74% share of corporate T&E cards (up from 50.65%), and a 54.40% share of debit/prepaid cards (down from 55.38%). MasterCard gained ground versus Visa in purchasing/fleet cards and commercial debit/prepaid cards.

Commercial cards generated 15.82% of combined commercial and consumer credit and debit purchase volume for Visa’s U.S. region, down from 15.85% in 2014. Commercial credit cards accounted for 23.48% of Visa’s U.S. purchase volume, down from 23.58% in 2014. Commercial debit/prepaid cards accounted for 8.34%, down from 8.49% in 2014.

Commercial cards generated 23.42% of combined commercial and consumer credit and debit purchase volume for MasterCard’s U.S. region, up from 23.12% in 2014. Commercial credit cards accounted for 29.53% of MasterCard’s U.S. purchase volume, up from 29.44% in 2014. Commercial debit/prepaid cards accounted for 16.54%, up from 16.20% in 2014.

Paybybank, an online payment service, started as a person-to-person money transfer business in 2013 and has since evolved into an ecommerce payment acceptance mark. It was developed by WorldBridge, a Western Union money transfer agent in Greece. Western Union holds a 25% stake in WorldBridge, which owns a payment institution license from Greece’s central bank.

Currently, more than 50% of online sales in Greece require cash payment upon delivery of goods. Merchants typically receive their money

Visa had a 59.83% share of com-bined credit/debit purchases.

‘15 Outstand. Chg. Issuer, State of Charter Rank (mil.) vs. ‘14

OnPoint Community CU Oregon 101 $124.4 9.7% Affi nity Plus FCU Minnesota 102 $123.7 8.1% Tinker FCU Oklahoma 103 $123.0 3.2% Travis CU California 104 $120.8 7.5% Hapo Community CU Washington 105 $120.5 21.3% Citadel FCU Pennsylvania 106 $120.4 5.2% SECU Maryland 107 $119.1 4.1% Grow Financial FCU Florida 108 $118.2 5.1% University FCU Texas 109 $117.8 1.5% Chartway FCU Virginia 110 $117.1 7.5% Educational Employees CU Calif. 111 $116.6 –1.8% Farm Bureau Bank Nevada 112 $114.6 –12.5% Partners FCU California 113 $114.5 1.5% American Heritage FCU Penn. 114 $114.4 –1.8% Intrust Bank Kansas 115 $112.7 –6.9% Anheuser Busch CU Missouri 116 $112.0 2.5% BancorpSouth Mississippi 117 $111.4 –1.4% Summit CU Wisconsin 118 $110.8 12.3% Sound CU Washington 119 $110.4 –16.2% Inspirus CU Washington 120 $107.4 2.5% Citizens Equity First CU Illinois 121 $107.2 –0.7% Royal CU Wisconsin 122 $106.0 1.5% Bellco CU Colorado 123 $103.5 –5.9% Hudson Valley FCU New York 124 $102.0 –2.7% Empower FCU New York 125 $101.6 2.8% Space Coast CU Florida 126 $101.3 7.2% Nassau Educators FCU New York 127 $101.2 –1.4% Credit Union of Colorado Colorado 128 $99.5 12.2% Service CU New Hampshire 129 $99.3 –1.9% First Arkansas B&T Arkansas 130 $98.7 –2.7% Idaho Central CU Idaho 131 $97.8 18.5% Educators CU Wisconsin 132 $96.9 6.6% Robins Financial CU Georgia 133 $96.5 7.6% Founders FCU South Carolina 134 $96.4 8.3% Sharonview FCU South Carolina 135 $95.7 1.1% CommunityAmerica CU Kansas 136 $95.5 11.4% Nusenda CU New Mexico 137 $95.1 22.5% City National Bank California 138 $94.9 38.7% University of Iowa Comm. CU Iowa 139 $93.8 22.4% Apple FCU Virginia 140 $91.5 4.7% Bank-Fund Staff FCU Wash., D.C. 141 $90.2 0.2% Community First CU Florida 142 $89.4 4.1% Andrews FCU Maryland 143 $88.6 2.7% Keesler FCU Mississippi 144 $87.9 0.2% Georgia’s Own CU Georgia 145 $87.9 3.0% RBC Bank Georgia Georgia 146 $87.5 14.4% Bethpage FCU New York 147 $87.4 33.7% Kinecta FCU California 148 $87.4 –6.5% Northwest FCU Virginia 149 $87.2 2.8% Cap Com FCU New York 150 $86.4 1.9%

U.S. Visa/MasterCard Credit Card Issuers — Third 50 2015

Includes consumer and commercial cards. © 2016 The Nilson Report> see p. 10

Instant Payments in Greece


out-of-court settlement finalized on December 13, 2013, has been thrown out by the U.S. Circuit Court of Appeals for the Second Circuit in New York. The case was also decertified as a class action.

Originally valued at $7.25 billion and considered the largest all-cash antitrust settlement in U.S. history, the amount of the settlement dropped to $5.7 billion after roughly 8,000 of the original 12 million retailers opted out of the class action to pursue their suits separately. Another 4,000 merchants remained in the class action but objected to the deal.

The three-judge panel that heard the appeal stated that the class action was improperly certified and that the settlement was unreasonable and inadequate. It divided plaintiffs into two classes, the court said, one that included merchants who accepted Visa and MasterCard credit cards during the period cited above, and another that included merchants who either accepted or will accept those credit cards from November 28, 2012 onwards. The judges said the two groups were too divergent to have been represented by the same law firms. Those firms would have been awarded a $544.8-million share of the agreed-to settlement.

The judges stated that members of the first class would receive money and could opt out, while those

in the second class would receive only injunctive relief, particularly the right to surcharge as long as they also imposed surcharges on other networks. The surcharge option, though, is compromised by

laws prohibiting surcharges in some states including California, Texas, and New

York. In addition, the settlement agreement stated that all injunctive relief would expire on July 20, 2021. After that, Visa and MasterCard would be free to revert to previous network rules or continue the

injunctive relief in the same or a similar manner. Regardless of how Visa and

MasterCard might have changed network rules after July 20, 2021, no merchant would

have been able to bring claims arising from network rules that were unaffected by the settlement agreement, including the honor-all-cards rule and default interchange fees.

Case No. 12-4671-cv(L), In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, will now go back to the U.S. District Court for the Eastern District of New York in Brooklyn where it was originally ruled on by Judge John Gleeson. Judge Margo Brodie will handle it next.

Prior issues: 1046, 1030, 1026, 1021, 1018, 1015, 1009

from a delivery service a few days after consumers receive their goods. By comparison, Paybybank

credits merchants within seconds of consumers initiating an online payment. Merchants integrate with WorldBridge through an application programming interface.

Consumers do not need to register to use Paybybank, which can be reached by more than 95% of bank account holders in Greece.

When they select Paybybank at checkout, the WorldBridge system generates a 13-digit reference

number, which is displayed on the checkout page. Consumers then log into their online bank account. Their bank verifies that the Paybybank reference

number and the amount of the transaction are correct before approving the transaction with WorldBridge, which notifies the merchant to ship the goods.

The European Payments Council is expected to release a

plan before year-end for Single Euro Payments Area (SEPA) Instant Credit Transfers (SCT Inst) to take effect by November 2017. Once SCT Inst regulations are in place, Paybybank plans to offer its ecommerce service outside Greece.

Socrates Maanian is Chief Digital

Officer at WorldBridge in Athens,

Greece, 30 (210) 900-5085,

[email protected],

www.worldbridge.gr.

More than 50% of online sales re-quire cash payment upon delivery.

Instant Payments in Greecefrom page 9...

Court Voids Interchange Settlement with Retailersfrom page 1...


http://www.worldbridge.gr


processed $136.19 billion in purchase volume at merchants from 2.39 billion MasterCard and Visa transactions in 2015. This group processed another 17.0 million American Express, Diners Club, JCB, and UnionPay transactions valued at $2.17 billion.

Not shown are 346.8 million domestic debit card transactions that generated $39.67 billion in purchase volume. Domestic-only brands included eBucks in South Africa, Al-Amil and KNet in

Visa/MasterCard 1 Other Credit Cards 2 Active Rank Transactions Volume Trans. Volume Merchant POS ‘15 ‘14 Company, Headquarters (mil.) Chg. (mil.) Chg. (mil.) (mil.) Outlets Terminals

1 1 Absa Bank South Africa 664.4 9% $19,011.0 18% 7.5 $458.5 52,478 230,831 2 2 First National Bank South Africa 3 484.5 9% $14,113.3 6% 3.8 $368.8 53,736 123,064 3 3 Standard Bank South Africa 329.2 17% $11,022.4 16% 3.3 $422.7 44,555 67,671 4 4 Nedbank South Africa 230.7 9% $9,849.1 6% — — 45,506 53,788 5 5 Network International United Arab Emirates 178.9 22% $24,852.7 11% 0.4 $197.2 36,620 71,570 6 6 Nat’l Bank of Abu Dhabi United Arab Emirates 100.3 30% $11,096.9 30% <0.1 $4.0 17,940 42,993 7 7 Mashreq Bank United Arab Emirates 82.2 21% $10,603.3 15% 0.2 $187.3 15,060 27,750 8 8 National Bank of Kuwait Kuwait 4 37.0 26% $3,995.1 7% <0.1 $3.8 12,913 14,277 9 10 CMI Morocco 5 31.1 17% $2,241.2 10% <0.1 $1.2 22,413 36,815 10 11 Kuwait Finance House Kuwait 30.6 59% $3,915.2 38% — — 5,230 6,631 11 9 Qatar National Bank Qatar 6 30.5 9% $3,877.0 12% <0.1 <$0.1 3,427 7,271 12 — SABB Saudi Arabia 7 25.7 — $4,570.7 — 0.3 $151.5 13,690 16,553 13 18 Mercantile Bank South Africa 18.4 — $646.4 — — — 6,000 7,600 14 12 Mauritius Commercial Bank Mauritius 8 17.0 6% $868.8 5% 0.5 $105.4 4,540 7,446 15 13 Bank Alfalah Pakistan 15.3 –1% $614.3 –3% 0.1 $3.2 11,205 23,352 16 15 Commercial International Bank Egypt 13.6 18% $1,261.0 25% — — 7,624 10,688 17 14 Emerging Market Payments Jordan 11.6 1% $1,218.6 0% <0.1 $0.1 11,524 15,991 18 21 Gulf Bank Kuwait 11.6 29% $2,184.6 11% — — 4,144 5,632 19 16 Bank Audi Lebanon 11.6 10% $1,617.0 8% 0.3 $103.2 7,500 9,000 20 17 Arab African International Bank Egypt 11.4 9% $745.0 12% — — 5,409 7,668 21 19 Doha Bank Qatar 10.4 9% $1,230.4 12% <0.1 $13.7 1,976 3,150 22 20 Commercial Bank Kuwait 9.6 7% $2,575.7 3% — — 5,320 11,141 23 22 Credit Libanais Lebanon 7.8 –9% $909.2 –6% — — 9,643 13,668 24 — National Commercial Bank Saudi Arabia 9 6.4 — $883.3 — 0.2 $56.4 16,100 30,803 25 — Al Rajhi Bank Saudi Arabia 10 6.3 — $1,001.7 — <0.1 $28.9 26,537 51,111 26 — Saudi Hollandi Saudi Arabia 11 3.6 — $305.9 — — — 1,012 10,616 27 — Riyad Bank Saudi Arabia 12 3.4 — $481.7 — 0.1 $46.2 4,887 17,707 28 23 Equity Bank Kenya13 2.4 5% $119.1 8% — — 1,550 3,621 29 24 BankMed Lebanon 1.3 83% $135.1 88% — — 1,739 1,933 30 — Saudi Arabian Investment Bank Saudi Arabia 14 1.0 — $186.7 — <0.1 $16.8 1,747 6,312 31 25 FirstBank Nigeria 0.4 11% $56.0 13% <0.1 $0.2 4,589 8,370 32 — Parsian Electronic Commerce Iran 15 — — — — — — 778,298 821,137 33 — Asan Pardakht Persian Iran 16 — — — — — — 373,508 373,294 34 — Saman e-Pay Iran 17 — — — — — — 5,900 456,040 35 — Pasargad Electronic Payment Iran 18 — — — — — — 297,815 298,048

Figures are net (gross minus chargebacks). Change in volume is based on local currency. 1Visa and MasterCard credit, debit, and prepaid cards including Electron and Maestro. 2Includes American Express, Diners Club, JCB, and UnionPay, and credit cards). 3Does not include Petro Card, fl eet cards, loyalty cards, and eBucks domestic debit (47.4 mil., $1,884.0 mil.). 4Does not include Al-Amil & KNet domestic debit (11.6 mil., $1,508.1 mil.). 5Does not include CMI private label domestic debit (1.5 mil., $69.3 mil.). 6Does not include eCash domestic debit (5.5 mil., $885.9 mil.). 7Does not include Mada local debit card (formerly Span) (18.8 mil., $3,084.6 mil.). 8Does not include Fleetman domestic debit (<0.1 mil., $1.5 mil.). 9Does not include Mada local debit card (formerly Span) (58.2 mil., $6,522.6 mil.). 10Does not include Mada local debit card (formerly Span) (130.6 mil., $17,473.1 mil.). 11Does not include Mada local debit card (formerly Span) (32.3 mil., $2,752.9 mil.). 12Does not include Mada local debit card (formerly Span) (30.9 mil., $4,388.3 mil.). 13Does not include AutoBranch domestic debit (0.6 mil., $20.8 mil.). 14Does not include Mada local debit card (formerly Span) (9.4 mil., $1,079.0 mil.). 15All domestic debit cards (1,550.4 mil., $31,900.4 mil.). 16All domestic debit cards (1,460.9 mil., $17,832.3 mil.). 17All domestic debit cards (1,320.0 mil., $29,000.0 mil.). 18All domestic debit and credit cards (575.8 mil., $36,377.9 mil.). © 2016 The Nilson Report

Largest Merchant Acquirers in Middle East/Africa 2015

Middle East/Africa’s Largest Acquirersfrom page 1...

> see p. 12


2015, an increase of 5.6% or 1.30 billion transactions. Those

transactions were valued at $41.600 trillion, up 4.0%.

ACH transactions are credit and debit transfers of funds between consumers and businesses, businesses and businesses, governments and consumers, consumers and consumers, or governments and businesses.

Funds transferred from an originator’s account to a recipient’s account are credit transactions. They include consumer-initiated bill payments,

government benefits, business-to-business payments, and direct

deposits of payroll.Funds collected from

a receiver’s account and transferred to an originator’s account are debit transactions. They include recurring payments, payments made over a telephone or over the Internet, paper check conversions at the point of sale, paper check conversions at a back office, re-presented checks, paper check conversions at a lockbox, and payments made by debit cards issued by merchants.

Consumer-related transactions reached

16.27 billion last year, up 5.0%. They were valued at $13.197 trillion, down 0.5% from 2014.

Merchant debit cards, which are private label debit card transactions, grew by 22.9% to 209.8 million. They accounted for $12.34 billion in payment volume last year, up 9.0%.

Paper checks continued to decline as evidenced by falling transactions for lockbox check conversion, POS check conversion, back-office check conversion, and re-presented checks.

Internet transactions, which include person-to-person money transfers and payments for goods and services made using PayPal, grew 13.4% in 2015. The payment volume increased 15.6% to $2.035 trillion.

There were 57 million credit transactions tied to person-to-person payments last year, up more than 600% from 7.4 million in 2014. However, by far the largest components in the Internet category are bill payments from online banking sites or through bill-payment service providers as well as Web-based transactions from one-time and recurring bill payments made at biller sites.

These are the transaction that are responsible for the continued decline of paper checks.

Kuwait, eCash in Qatar, AutoBranch in Kenya, Mada (formerly Span) in Saudi Arabia, and CMI in Morocco.

Four acquirers in Iran — Parsian Electronic Commerce, Pasargad Electronic Payment, Asan

Pardakht Persian, and Saman e-Pay — handled a combined 4.91 billion card payments last year valued at $115.11 billion. They are not included in the ranking because all transactions were Shetab network domestic-only card payments.

Merchant debit card transactions grew by 22.9% to 209.8 mil.

Transactions Value Category (mil.) Chg. (bil.)

Direct Deposit 5,819.3 3.6% $8,097.49Direct Payment 10,451.1 5.8% $5,099.37

Internet 1 4,284.8 13.4% $2,034.82Lockbox Check Conversion 1,466.9 –6.8% $407.14Telephone 465.4 13.3% $171.04POS Check Conversion 310.3 –13.4% $32.90Merchant Debit Cards 209.8 22.9% $12.34Back-Offi ce Check Conversion 146.5 –10.5% $18.18Re-Presented Checks 3.1 –19.6% $0.79Other 3,564.4 4.3% $2,422.15

TOTAL 16,270.4 5.0% $13,196.861Peer-to-peer and bill payment transactions from online banking websites are counted in the Internet category. © 2016 The Nilson Report

Consumer ACH Transactionsin the U.S. 2015

ACH Payments in the U.S. — 2015 from page 1...

Middle East/Africa’s Largest Acquirersfrom page 11...


© 2016 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, PublisherJuly 15, 2016


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