Nilson Report

Issue 1219 | May 2022


Companies featured in this issue include:

Europe’s Top Merchant Acquirers–Global vs. Domestic

Europe’s Top Acquirers of Domestic Debit and Credit Cards in 2021

Top Merchant Acquirers in Europe–Ranked by Visa/Mastercard Transactions

Europe’s Top Acquirers of Web Transactions

First Quarter Card Network Results

Largest U.S. Credit Card Issuers–1Q 2022

Visa & Mastercard Outstandings, Shares by Groups of 50

Third 50 Largest Visa/Mastercard Credit Card Issuers

Investment & Acquisitions–April 2022

Largest U.S. Credit Card Issuers–1Q 2022

The 15 largest U.S. issuers of general purpose and private label credit cards in the U.S. at the end of the first quarter of 2022 are ranked. The ranking is based on purchase volume. The five largest are listed here.

1. JPMorgan Chase
$252.80 billion
2. American Express
$233.57 billion
3. Citi
$128.20 billion
4. Capital One
$126.28 billion
5. Bank of America
$109.10 billion

Full access to the Largest U.S. Credit Card Issuers–1Q 2022 results is available when you subscribe to the Nilson Report.



Inetco Real-Time Fraud Fighting

Before commerce was transacted on the internet, Inetco was a software company providing real-time packet switching to telecom industry clients worldwide. Since 2019, Inetco has used its real-time processing and analytics skills to detect and block payment card fraud. Last year, the company added cybersecurity defenses for financial institutions and other companies. 

The company’s BullzAi product protects against card-not-present, card-present, man-in-the-middle and bot attacks and other fraud, including when perpetrated by a company insider. Inetco’s Insight product detects and fixes problems with payment network performance. It delivers a consolidated real-time view into network, switch, third-party vendors and terminals that affect payment transactions.

Inetco captures raw network data and decodes it in real time, not from log files or via APIs, while maintaining PCI compliance. The company uses machine learning to build unique models for every cardholder, card, device and entity, and then creates a risk score for customers. Everything is handled in Inetco’s high-speed storage and processing system. Risk scores are plugged into a card issuer’s processing system.

Merchants that operate their own switches are prospects for Inetco technology, which can help create a virtual firewall to block fraud while using their existing systems. Suspect card payment transactions are blocked prior to any attempted authorization. All information used to create the block are provided to merchants.

Inetco’s man-in-the-middle and other cybersecurity defenses can block high-velocity bot-driven attacks, including brute force efforts at particular ATMs or POS terminals. Individual terminals can be shut down without impacting any other device.

All transactions are reviewed to see if they originate from a human or a bot. Customers do not have to shut down their payment gateway while these defenses are occurring.

Customers such as Moneris, Canada’s largest merchant acquirer, use Inetco technology to monitor payment transactions while continuing to rely on their legacy fraud fighting systems. The technology can also be used as an extra layer of protection to spot sophisticated attacks.

Inetco revenue comes from annual fees for three-year contracts. It supports on-premises, private cloud and public cloud deployments. The company has customers in the U.S., Canada, Greece, Bulgaria, Pakistan, Turkey, Mexico, Bahrain, several African countries and the U.K.


Christene Best is VP, Marketing and Channel Development at Inetco in Burnaby, British Columbia, Canada,,

Prior issues: 1205, 1188, 1158

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