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.



White Label Alliance for Domestic Cards and Closed Loop Systems

Idemia and Giesecke+Devrient, the second and third largest payment card manufacturers in the world, as well as NXP Semiconductors, the top provider of EMV-compliant chips for payment cards, have formed the White Label Alliance (WLA).

The companies want WLA to grow as a not-for-profit association of members dedicated to accelerating the deployment of contactless card and mobile payment technologies worldwide among the more than 90 domestic-only debit and credit card brands and more than 1,000 private closed loop payment systems worldwide, including in the transportation and retail sectors.

In addition to domestic brand and closed loop companies, POS terminal manufacturers, other card manufacturers and payment service providers are expected to be interested in WLA membership.

WLA has created a full-framework open payment standard for contactless card and mobile payments. It will build on the EMVCo standards already in place for contact-type cards used by the global brand networks. 

Standards for card payment and POS terminal apps will be available at no charge to association members. A certification process will also be free to members.

The association’s founding members observed that domestic card and closed loop systems were reluctant to invest the money needed to create their own standards for contactless payments as American Express, Discover, JCB, Mastercard, UnionPay and Visa had done. They were also reluctant to license standards from any of those global brands.

Asking terminal manufacturers that sell products globally to add scores or even hundreds of new proprietary kernels to their POS terminals places an obstacle to contactless transactions from smaller companies. With the exception of large brands—led by RuPay and Elo—most domestic card and closed loop systems do not have the scale to influence manufacturers of POS terminals. 

WLA’s mutualization approach to funding development of the new standards will create a universal kernel for these contactless transactions, making it easier to gain a place in POS terminals alongside those of the global brands.

Japan-based JCB, which issues over 140 million cards directly and via partner banks in over 20 countries, is the first global card brand to sign a partnership agreement with WLA. 

JCB’s contactless kernel specification, which is already installed in most POS terminals in Europe, is available at no cost to WLA members. The issuer expects its membership in WLA will help grow JCB contactless payments in other world regions. 


Jacques Doucerain of Idemia is President at White Label Alliance in Paris, France,,

© Copyright 2021 Nilson Report

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