The Nilson Report

Issue 1164 | Nov 2019


Companies featured in this issue include:

Card Fraud Worldwide 2010–2027 Cents per $100 of Total Volume

Percentage of Fraud Occurring Inside vs. Outside the U.S.

Card Fraud Projected Worldwide

Fraud by Type of Card 2018

Global General Purpose Cards Midyear 2019 vs. Midyear 2018

Largest Credit Card Issuers in Asia–Pacific

Largest Debit Card Issuers in Asia–Pacific

Top General Purpose/Visa/Mastercard Card Issuers in Asia–Pacific

The Largest Credit Card Issuers in Asia–Pacific

The 50 largest credit & debit card issuers in the Asia–Pacific region are ranked on page 10 based on purchase volume in 2018. The 5 largest credit card issuers are ranked here.

1. China Merchants, China
$555.35 billion purchase volume
2. China Construction, China
$443.42 billion purchase volume
3. Bank of Communications
$442.20 billion purchase volume
4. ICBC, China
$437.84 billion purchase volume
5. China Everbright, China
$351.66 billion purchase volume

Full access to the Largest Credit and Debit Card Issuers in Asia–Pacific is available when you subscribe to The Nilson Report.



Visa Fintech Partnerships

Among the dozens of neo-banks (100% digital) worldwide, Revolut, headquartered in the U.K., is the largest. Since its founding in 2015, Revolut has grown to over 8 million customers who access services via a mobile app. Most are in 27 countries in Europe. The bank began offering a Visa prepaid card in 2017. The companies have signed an expanded partnership deal to offer Visa payment cards (prepaid, debit, and credit) and banking services supported by Visa APIs in more than 20 new countries, including in the U.S. and 7 other markets beginning in January 2020. 

Revolut is a licensed Visa issuer in Europe and Asia. In other markets, Visa will help Revolut find issuer and card account processing partnerships. Metropolitan Commercial Bank in the U.S. and Agillitas in Brazil will issue for Revolut. Marqeta will provide card account processing. 

Revolut, which currently is 50%-50% Visa and Mastercard for the prepaid cards it issues in Europe, has committed to becoming up to 75% Visa for cards issued outside Europe as well as becoming 100% Visa for credit cards in Europe. 

Fintechs benefit Visa by driving new digital payments over VisaNet. Digital banks include those aimed at one billion unbanked consumers around the globe. Business-to-business fintechs can provide virtual card payments for up to $20 trillion in spending that could migrate to card networks, including payroll, disbursements, spend management, as well as accounts payable. Digital wallets that started as single-use payment instruments for ride sharing, delivery, and other use cases can expand to open-loop prepaid wallets. There are more than 200 worldwide. Visa is working with 50. Other use cases include installment credit and cross-border remittances. 

Partnerships, investments, and structured programs are the elements of Visa’s strategy to gain new payment flows. In addition to Revolut, Visa has announced partnerships in the last year with Currencycloud, Flutterwave, ininal, N26, PayActiv, Rappi, Razer, and Remitly. Visa has made investments in fintechs Anchorage, Bankable, Branch, Finix, Minna Technologies, and PayMate. 

Terry Angelos is Senior VP and Head of Global Fintech at Visa in San Francisco,,

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