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.



Visa, Mastercard Class Damages Settlement Upheld

Please note: Only subscribers can access the charts included with this article.

An appellate court in Manhattan decided this month that a 2019 settlement agreement to partially resolve an antitrust class-action suit originally filed in June 2005 by merchants against Visa, Mastercard and large US banks will remain in place. This is the second appellate court decision regarding that settlement. 

The same Second Circuit court reversed a 2016 settlement and instructed the district court to divide the class into two separate classes, with separate counsels, for damages and injunctive relief. The classes then followed their own timelines.

This month’s order approves the damages settlement. Injunctive relief claims remain pending.

The 2005 litigation involved a class of approximately 12 million merchants and focused on credit card and debit card interchange fees paid between January 1, 2004, and January 25, 2019. Subsequently, the size of the class declined as some large merchants opted out to pursue their own litigation. With every opt-out, the amount of the settlement to be shared by the remaining merchants in the class was reduced. 

This most recent appeal was brought by the objecting merchants claiming that a US District Court in Brooklyn, New York, “erred when it certified the class, approved the settlement, granted service awards and computed attorneys’ fees.” Those attorney fees totaled roughly $523 million.

In 2019, executives of Visa and Mastercard said the settlement was in the best interest of all parties.

More than a decade ago, Visa and Mastercard established escrow accounts to hold $5.54 billion to cover payouts. Those accounts were tapped to pay settlements to the merchants that chose to opt out of the original class. Merchants that remained haven’t received any money. 

Funds will be disbursed—based on the actual or estimated interchange fees paid—by a class administrator after the settlement becomes final. The timing remains dependent on whether the case is appealed to, and accepted by, the US Supreme Court.

Prior issues: 1148, 1053, 1024, 1006, 1005, 983, 965

© Copyright 2023 Nilson Report

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