Nilson Report

Issue 1194 | Mar 2021


Companies featured in this issue include:

Latin America’s Global General Purpose Cards—Purchase Transaction Shares

Latin America Spending, Transactions and Cards by Global Brand

Latin America Market Shares of Purchase Transactions 2000-2020

Second 50 Largest Visa/Mastercard Credit Card Issuers–Ranked by Outstandings

Second 50 Largest Visa/Mastercard Credit Card Issuers–Ranked by Outstandings

On pages eight and nine we list U.S. Visa and Mastercard credit card issuers ranked from 51st to 100th largest at year-end 2020 by outstanding receivables. The 50 largest issuers were ranked in issue #1192.

51. Zions Bancorporation, Utah
$364.9 million outstandings, –11.7%
52. Security Service FCU, Texas
$347.2 million outstandings, –13.6%
53. First Tech FCU, California, Oregon,
$334.5 million outstandings, –11.6%
54. Redstone FCU, Alabama
$331.1 million outstandings, +17.0%
55. Virginia CU, Virginia
$317.9 million outstandings, –9.1%

Full access to the Second 50 Largest Visa/Mastercard Credit Card Issuers Ranked by Outstandings is available when you subscribe to the Nilson Report.



Rakuten Card Linked Offers Network in the U.S./Canada

Consumers in the U.S. and Canada with American Express, Mastercard and Visa credit and debit cards can link them to the Rakuten Card Linked Offers Network to receive cash-back offers, airline miles, points and other loyalty currencies from large retailers. The merchant-funded offers are made available to consumers through card issuers, mobile wallet providers and other loyalty program operators including Citi, Mastercard, United Airlines, American Airlines, Alaska Airlines and Google Pay. 

Rakuten, which is a U.S.-based subsidiary of the online retailer and payment card issuer in Japan, entered the card-linked rewards industry with the 2014 acquisition of Ebates Performance Marketing. The company provides its large merchant customers with pay-per-performance metrics that substantiate the advertising dollars they aim at generating online and in-store sales as well as for dining. Those metrics include assuring merchants that they never pay twice for the same card-linked offer and all purchases can be demonstrated to have been initiated via the Rakuten platform. 

Currently, more than six million cards are active in Rakuten’s platform, which mostly operates on a white-label basis. Some business is conducted on a direct-to-consumer basis through Rakuten Rewards, which is mobile app based. 

Card issuers with more than one million accounts are Rakuten’s focus, although the company will also do business with smaller issuers through their card account processors. 

Rakuten’s turnkey service to card issuers, which includes handling all back-end reconciliation with the merchants and fraud protection on all transactions, is driven by API links. All primary account numbers registered with Rakuten are tokenized. The company, which is PCI Level 1 certified, does not hold any personally identifiable information on its servers.

Rakuten will expand to the U.K. by year-end.


Erin Warren is General Manager, In-Store Networks at Rakuten in Lexington, Massachusetts,,

© Copyright 2021 Nilson Report

You have 0 free articles remaining. Subscribe today. View Subscription Offer
New subscribers receive over 130 articles in the 22 issues published each year,
plus the last five years of issues (that's over 1,200 articles) on a searchable flash drive.