Nilson Report

Issue 1173 | Apr 2020


Companies featured in this issue include:

Canada Purchase Transactions & Brand Market Shares in 2019

Investments & Acquisitions—March 2020

Market Shares of Purchase Transactions in Canada 2000–2019

Canada General Purpose Cards 2019 vs. 2018

Canada Credit Card Purchase Volume in Canadian Dollars 2015–2019

General Purpose Credit Card Issuers in Canada 2019—Ranked by Outstandings

Canada Market Shares of Visa & Mastercard Outstandings 2019

General Purpose Credit Card Issuers in Canada 2019—Ranked by Outstandings

The 25 issuers of Visa, Mastercard, and American Express credit cards in Canada shown in the issue held outstandings of $81.54 billion at year-end 2019, an increase of 3.4% from the prior year. The top 4 are shown below.

1. TD Bank
$15.59 billion outstandings, –0.6%
2. RBC Royal Bank
$15.49 billion outstandings, +4.4%
$9.93 billion outstandings, +0.2%
4. Desjardins
$8.95 billion outstandings, +7.2%

Full access to the General Purpose Credit Card Issuers in Canada 2019—Ranked by Outstandings results is available when you subscribe to The Nilson Report.



Analog EMV Payment Watch

Winwatch is the first company to seal an EMV payment chip and antenna inside a sapphire watch crystal. The company calls its technology STISS (Swiss Technology Inside Smart Sapphire). Sapphire crystal is nearly as strong as a diamond. Winwatch sells a contactless payment-enabled watch online for $306. It will also license its technology to other watch manufacturers so they can create their own contactless payment wearables or retrofit existing watch models. 

MuchBetter, a Financial Conduct Authority licensed and regulated e-money institution based in the U.K., provides the iOS or Android mobile wallet app that supports contactless payments for the black-plated steel Winwatch. That mobile wallet already has 450,000 active users in 186 countries. Most use the wallet for online gaming. MuchBetter competes in that sector with wallets from Skrill, Neteller, and PayPal. Other use cases for the MuchBetter mobile wallet include payouts for cross-border remittances, for workers in the gig economy, and multilevel marketing.

MuchBetter uses IBAN (international bank account number) deposit accounts to support its iGaming business in Europe. Gamers transfer money from their traditional bank accounts to their IBAN accounts without having to open their gaming app or their MuchBetter app. Transfers of this kind are push payments, which involve less risk to all parties. 

For Winwatch, MuchBetter will accept account top-ups from IBAN accounts it establishes for customers. Through this channel, funds can be applied in near real time to Mastercard prepaid accounts tied to the wallets. MuchBetter already issues over 90,000 Mastercard brand prepaid cards in Europe. 

For Winwatch, all Mastercard accounts are tokenized, and MuchBetter offers a five-year guarantee on the token’s validity. Mastercard provides the token service. 

MuchBetter, the operating company of MIR Ltd., has created patent-pending dynamic CVV technology for Mastercard payments made from its mobile wallet. The dynamic CVV is compliant with the strong customer authentication requirement of the European Union’s PSD2 directive, which saves cardholders from engaging with 3D Secure protocols.

Alex Kalbermatten is CEO at Winwatch Trade Ltd. in Sion, Switzerland,,

Jens Bader is Co-Founder at MuchBetter in Reading, U.K.,,

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