Nilson Report

Issue 1184 | Oct 2020


Companies featured in this issue include:

Payment Cards Projected Worldwide 2019 vs. 2025

Payment Cards in Circulation 2019

Top General Purpose Card Issuers in Asia–Pacific 2019

Top 50 Credit Card Issuers in Asia–Pacific 2019

Top 50 Debit Card Issuers in Asia–Pacific 2019

Investments & Acquisitions—September 2020

Top General Purpose Card Issuers in Asia–Pacific

Tables on pages eight and nine rank the 50 largest issuers of general purpose credit, debit, and prepaid cards in the Asia–Pacific region based on purchase volume in 2019. Below are the top 5.

1. China Construction Bank, China
$2,356.57 billion purchase volume
2. ICBC, China
$1,552.90 billion purchase volume
3. Agricultural Bank, China
$1,375.92 billion purchase volume
4. China Merchants Bank, China
$996.16 billion purchase volume
5. Bank of China, China
$933.67 billion purchase volume

Full access to the Top General Purpose Card Issuers in the Asia–Pacific region results for 2019 is available to you when you subscribe to the Nilson Report.

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Venmo/Synchrony Launch Visa Card with QR Code

PayPal’s Venmo business unit, which has more than 60 million users of its mobile payment app, is rolling out a Visa credit card in the U.S. to select consumers who are invited to apply. Synchrony Financial, which ranks 8th largest among issuers of Visa and Mastercard credit cards in the U.S., will issue the Venmo Visa card and own the receivables. 

Synchrony also owns a PayPal-branded Mastercard credit card and point-of-sale financing program. Those portfolios were valued at $7.60 billion when Synchrony bought them from PayPal in 2018. The companies have been partners since 2004 for consumer credit financing products and have a contract to work together through 2028.

The Venmo card, which is available in five colors, combines two contactless payment technologies. Its dual-interface EMV-compliant chip can facilitate touchless payments at any merchant in the Visa network with an NFC-enabled card reader. A QR code that comprises the design of the back of the card can be scanned by a mobile device to initiate a payment to another Venmo mobile wallet or a merchant that accepts QR code payments. Venmo has a contract with CVS—a pharmacy chain with 8,000 U.S. locations—to accept QR code payments. Those payments would disintermediate the Visa network. Friends sharing the cost of any purchase could scan the credit card’s QR code and receive a payment to their Visa or Mastercard debit card through Visa Direct.

Card account management, including the application for the card itself, takes place in the Venmo app, which can generate a virtual card for online payments, track purchase and payment activity, and monitor the card’s cashback rewards, which are credited to the cardholder’s Venmo account.

Each purchase on a Venmo card will be automatically sorted into one of nine categories. The largest and second most-used categories will receive cashback rewards of 3% and 2%. All other purchases will earn 1%. Categories include dining, transportation, travel, and utilities. There is no annual fee for the Venmo credit card. Synchrony will charge between 15.24% and 24.24% for revolving balances.

Venmo launched a Mastercard debit card issued by The Bancorp Bank in 2018. The Venmo debit card links to a consumer’s Venmo account. This lets the card be used for purchases in-store, online, or withdrawing cash from an ATM.

Prior issues: 1183, 1174

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