Of the 50 largest debit card issuers in the US (see issue #1240), only 3—the Bancorp Bank, which ranks 6th largest, Pathward Financial, which ranks 16th largest, and Green Dot Bank, which ranks 20th largest, have less than $10 billion in assets. The three focus on prepaid cards. Of those debit card issuers ranked 51st to 100th largest (see issue #1245), 32 have fewer than $10 billion in assets.
Mastercard believes it has some first mover advantage in automobile payments for two reasons. One is because there are so many technical and regulatory hurdles that come with an in-car payment network. The other is because the lead times for new car launches are often as long as five years.
US household debt totaled $19.393 trillion at year-end 2022, up 5.8% over 2021. That figure was compiled by the Federal Reserve.
The bank plans to provide an extensive online marketplace of vetted software providers its customers can connect to easily.
There are 261 million Americans aged 18 and over, of which 100 million, more than 38%, either have no files at credit bureaus or are challenged by subprime credit scores.
American Express, which ranks second largest among credit card issuers in the US, has become the first card issuer in the world to supplement 3-D Secure protocols with facial and fingerprint biometrics.
Store card outstanding receivables were up 10.1% last year to $128.86 billion. Outstandings on general purpose credit cards increased 18.2% to $1.104 trillion.
Outstanding receivables owned by all US general purpose credit card issuers grew 16.7% to $1.158 trillion on June 30, 2023. The 30 largest issuers accounted for 91.95% of the total, down 15 basis points (bps) from midyear 2022.
Total volume for the top 100 issuers, which includes cash advances and balance transfers, reached $2.036 trillion.
American Express, Diners Club, Mastercard and Visa credit, debit and prepaid cards issued in the Middle East and Africa (MEA) region generated $1.728 trillion in total volume in 2022, up 16.0% from 2021. Total volume is the combination of purchases of goods and services with cash advances and cash withdrawals.
