Nilson Report

Issue 1180 | Jul 2020


Companies featured in this issue include:

Credit Card Debt and Consumer Credit in the U.S.

Credit Card Debt as a Percent of Consumer Credit in the U.S.

Middle East and Africa Spending, Transactions, and Cards by Global Brand 

Middle East and Africa Market Shares of Purchase Transactions

Top 10 Mastercard and Visa Issuers in Middle East and Africa 2009 vs. 2019

Top 50 Card Issuers in the Middle East and Africa

Top 50 Credit Card Issuers in the Middle East and Africa

Top 50 Debit Card Issuers in the Middle East and Africa

Purchase Volume for the 20 Largest Visa and Mastercard Consumer Card Port-folios

Top 50 Card Issuers in the Middle East and Africa

The 50 largest issuers of general purpose credit and debit cards in the Middle East and Africa are ranked by purchase volume in 2019. Purchase volume includes Visa, Mastercard, Amex, Diners, Maestro, UnionPay, and Domestic-Only debit cards.

1. IsraCard, Israel
$45.99 billion purchase volume
2. Israel Credit Cards, Israel
$30.08 billion purchase volume
3. Max IT Finance (Leumi Card), Israel
$24.09 billion purchase volume
4. Al Rajhi Bank, Saudi Arabia
$22.93 billion purchase volume
5. Standard Bank, South Africa
$16.48 billion purchase volume

Full access to the Top 50 Card Issuers results in the Middle East and Africa region is available to you when you subscribe to the Nilson Report.



Trustly Account-to-Account Payment Processing

Connecting the bank account of a consumer or business directly to the bank account of a merchant is the business of Sweden-based Trustly. The company had revenue of $154 million last year from providing direct clearing for account-to-account (A2A) payments, mostly in Europe. A2A payments are an alternative to card payments. They are less expensive for providers of goods and services due to lower merchant fees and lower costs tied to fraud and chargebacks.

Trustly has invested in making it easier for people to initiate an A2A payment, including adding connections to more banks as well as incorporating the security procedures of banks, such as use of one-time passwords, PINs, or other means of accessing accounts online or via a mobile device. That effort is aimed at reducing the time it takes to facilitate a payment through implementation of graphical interfaces that reduce friction.

Trustly was acquired for a reported $794 million (€700 million) by private equity firm Nordic Capital in 2018. Last year, Nordic Capital funded the takeover of A2A provider PayWithMyBank in the U.S. and merged the companies.

Trustly directly connects to over 6,000 banks in Europe and the U.S. Through those connections, it can reach more than 600 million consumers. 

Competitors in Europe include Sofort, iDeal, giropay, EPS, Swish, and MyBank. Most of those companies operate only in their home markets. Trustly operates throughout Europe.

In the U.S., Trustly operates as PayWithMyBank. Its A2A payment processing competes with credit and debit cards and uses the ACH to settle with merchants. PayWithMyBank guarantees merchant payments in real time, not an overnight batch settlement as with ACH transactions. Trustly/PayWithMyBank fees charged to merchants are comparable to what they pay for card acceptance. Approval rates are also comparable.

Over 6,000 merchants are connected to Trustly either through payment service providers including Adyen and Worldpay or through ecommerce platforms. Merchants that link to Trustly include Facebook, Alibaba, Norwegian Air, and AT&T.

Many of the transactions initiated by U.S. consumers are bill payments, although that is changing now that PayWithMyBank offers ecommerce merchants a payment guarantee service. In Europe, payments include top-ups of PayPal wallets, sports betting, and cross-border remittances. 

Trustly recently received equity investments from BlackRock and other firms. That money will be used to continue with product development as well as further international growth. 


Oscar Berglund is CEO at Trustly in Stockholm, Sweden,,

Prior issues: 1166, 1158, 1142, 1130, 1127

© Copyright 2020 Nilson Report

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