Nilson Report

Issue 1238 | Mar 2023


Companies featured in this issue include:

Top US Merchant Acquirers—Ranked by Transactions in 2022

Mastercard/Visa Share of Purchase Volume at Top US Acquirers

Top 20 US Merchants—Ranked by Purchase Volume

Top 20 US Merchants—Ranked by Purchase Transactions

Largest Merchant Acquirers in the US—Ranked by Mastercard/Visa Volume

Top US Card-Not-Present (CNP) Acquiring 

Consumer ACH Transactions–2022

Publicly Traded Companies in Payments

Top US Card-Not-Present (CNP) Acquiring

The 41 largest US acquirers of card-not-present transactions are ranked by total number of purchase transactions processed in 2022. The five largest are listed below.

J.P. Morgan Payments
22,241.8 million purchase transactions processed
Wells Fargo
8,527.1 million purchase transactions processed
Worldpay from FIS
8,386.7 million purchase transactions processed
862.3 million purchase transactions processed
North American Bancard
299.3 million purchase transactions processed

Full access to the Top US Card-Not-Present (CNP) Acquiring results ranked by total number of purchase transactions processed is available when you subscribe to the Nilson Report.



Wise Adds Business Cards

Money transfer company Wise, formerly Transferwise, moved $32.24 billion (£26 billion) in cross-border payments in its most recently reported quarter. The company, which served 6 million active users in that quarter, counts 16 million customers worldwide. It has been growing its money transfer business between 30% and 54% annually in recent years and adds about 100,000 new customers every week.

Wise has a license to serve customers in 15 countries and is integrated with five strategically located central banks around the world to facilitate faster settlement of money transfers. Half of all payments made through Wise are delivered instantly into faster payments networks.

The company promotes lower fees than those charged by legacy remittance companies and correspondent bank channels. 

The United Kingdom is Wise’s largest market. The UK, European Economic Area and North America combined account for 60% of the company’s global total. Asia-Pacific and Latin America (mostly Brazil) combined account for 25%.

In recent years, small businesses (SMBs) have initiated a bigger mix of cross-border money transfers and currently generate 30% of all Wise transfer volume. Year over year, the SMB channel is growing faster (35%) than the consumer portion (26%).

In its effort to support growth in cross-border money transfers, the company also offers SMBs and consumers Wise card accounts in 40 countries in addition to money transfer services. These more than 300,000 accounts include Visa or Mastercard debit cards that access funds stored in multiple currencies. SMBs integrate debit cards with their accounting software packages. The cards can link to Apple Pay or Android Pay wallets.

The ability to hold funds in multiple currencies lets small business owners transact in the currency of their choice. When they do need to make a settlement in another currency, Wise is the foreign exchange conversion provider. It offers conversions at a midmarket rate, which is usually lower than what senders receive when using correspondent banks and from purchases made using other payment cards. 

Wise is a direct member of Visa and Mastercard in the European Union, the UK, Singapore, New Zealand and Australia. It is a direct member of Visa in Brazil, Canada, Malaysia and the US. It is also a direct member of Mastercard in Japan. It issues business cards in all of those markets except Malaysia and Brazil. In the US, where Wise has just launched a Visa Business debit card product, it uses Evolve as the issuer but expects to be issuing directly within a year. 

Wise built its own PCI DSS-compliant cloud-based debit card account processing system that integrates directly with Visa and Mastercard. It operates on Amazon Cloud Service data centers. Small business clients can issue virtual cards and create budgets to manage employee spending.  

Later this year, the company will begin offering a card issuer program to fintechs and neobanks that want to provide their customers with multicurrency debit cards and cross-border money transfer services. 

Existing Wise partners in the US include Brex, Ramp, G-P (Globalization Partners) and AvidXchange. Outside the US, Wise Platform customers include Deel, Monzo and 60 banks and businesses.


Nilan Peiris is Chief Product Officer at Wise in London, UK,,

Prior issues: 1190, 1170

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