Nilson Report

Issue 1229 | Oct 2022


Companies featured in this issue include:

Largest Merchant Acquiring Portfolios Worldwide

Largest 150 Merchant Acquirers Worldwide 

Top Manufacturers of Payment Cards Ranked by Shipments in 2021

Payment Card Shipments by Manufacturer—2021

Card Manufacturers of Payment Cards—Other High Security

Card Manufacturers of Payment Cards—Visa and Mastercard

Card Manufacturers of Payment Cards—UnionPay

Card Manufacturers of Payment Cards—Other Payment

Top 10 Issuers in Latin America Ranked by Purchase Volume

Top 50 General Purpose Card Issuers in Latin America

Top 50 Credit Card Issuers in Latin America

Top 50 Debit Card Issuers in Latin America

Largest 150 Merchant Acquirers Worldwide

The 150 largest merchant acquirers worldwide are ranked on page 6 based on the number of global brand and domestic credit, debit and prepaid card purchase transactions they processed in 2021.The 5 largest are ranked here.

FIS (Worldpay), Group
42.46 billion purchase transactions
JPMorgan Chase, Group
40.25 billion purchase transactions
Sberbank, Russia
37.93 billion purchase transactions
Fiserv, Group
27.63 billion purchase transactions
Global Payments, Group
18.06 billion purchase transactions

Full access to the Largest Merchant Acquirers Worldwide results is available when you subscribe to the Nilson Report.



Ravelin and Mastercard Partner to Fight Quick-Commerce Fraud

Merchants that sell online and provide immediate delivery of their goods or services, sometimes called on-demand or quick-commerce merchants, are experiencing rising losses to fraud. Those losses are particularly painful because profit margins in this sector, which includes the delivery of food and alcoholic beverages, fashion and travel, are often thin. 

Criminals sell stolen payment card credentials and personally identifiable information on the dark web to other criminals to be used to create a synthetic identity specifically to commit fraud in the on-demand commerce sector. Consequently, the majority of on-demand fraud occurs on transactions with first-time customers. Because on-demand goods and services are provided quickly, protection must be deployed at account opening in addition to at checkout, all without negatively impacting the customer’s experience.

Critical to fighting this type of fraud is verifying data provided by customers when they open new accounts online or in a mobile app. Delivering that risk score in milliseconds via an API, including on cross-border transactions, is the business of Ekata, a subsidiary of Mastercard.

Fraud prevention specialist Ravelin, which operates mainly in Europe, the US and Latin America, has added Ekata’s data-enrichment service to its proprietary machine learning technology, advanced analytics and rules engine platform to fully authenticate customers of its quick-commerce merchants. ACI Worldwide, Adyen and Kount also use Ekata. 

Ravelin has also connected to another Mastercard subsidiary, Ethoca. Once a card transaction has been processed, Ethoca risk management provides information on previously confirmed instances of fraud and then protects against chargebacks by presenting transaction information to consumers through their banking app, including merchant logos and itemized receipts. 

Adding Ekata, which is presented to merchants as an identity risk score, and Ethoca, typically adds a few cents to the fraud fighting process. Large merchants might pay only fractions of a cent.  

Ravelin also helps on-demand merchants fight fraud tied to the abuse of sales promotions, which can involve buyers trying to benefit multiple times from a one-time offer, as well as collusion fraud in which merchants obtain a card authorization for orders that were never placed. 

Most of Ravelin’s customers are large merchants that the company has signed through its direct sales force. It integrates with the payment gateways and acquirers used by its customers. Ravelin’s expertise includes helping its customers comply with the European Union’s Payment Services Directive (PSD2) regulation. Its fully certified 3D Secure 2 service for payment card authentication also helps optimize the successful completion of a sale.

Fiserv is the first acquirer to resell Ravelin’s fraud fighting platform to merchants. Ravelin is looking for additional white-label deals.


Chris Reid is Executive VP of Identity Solutions at Mastercard in New York,,

Martin Sweeney is Chief Executive Officer at Ravelin in London, UK,,

Prior issues: 1210, 1202, 1198, 1149, 1143, 1130, 1125, 1112

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