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Expertise

Payment Card Issuing Data, Rankings & Industry Insights

The Nilson Report is an award-winning, globally recognized and established authority on card payments.

The leading source of news and statistics for the worldwide card payment business.

Exclusive data on credit and debit issuers, acquirers, and technology vendors.

No outside advertising or influence — ever.

Explore the Full Index of Coverage in the Past Year

The Nilson Report tracks the companies, technologies, and financial institutions shaping the global payment card issuing industry.

  • Articles, data intelligence, and issuer news briefs
  • Charts, global rankings, and market share insights

Explore the full index of payment card issuing coverage published in the Nilson Report since January 2025, including feature articles, data tables, and key industry developments. Executive-level reporting comes from interviewing leaders at companies driving the industry, and data is sourced directly from financial institutions and payment providers.

This public index represents only a small portion of the Nilson Report’s full Payment Card Issuing coverage. Only subscribers receive complete access to full executive interview-based reporting, proprietary rankings, market data, industry figures, and direct executive contact details, along with searchable archived issues spanning more than 15 years of global card payments intelligence.

Summary

  • +250 articles and data tables
  • +750 executive-level email addresses
  • +500 companies mentioned
Issue 1307
Issue 1306
  • Article: The 50 Largest Debit Card Issuers in the United States | JPMorgan Chase, Bank of America, Wells Fargo | Page 6
    • As of year-end 2025, the 50 largest issuers accounted for XXX.X million debit and prepaid cards in circulation, down 4.6% from 2024.
  • Data Table: Top 50 US Debit Card Issuers | JPMorgan Chase, Bank of America, Wells Fargo… | Page 6
    • JPMorgan Chase, Bank of America and Wells Fargo accounted for more than 48% of the $X.XXX trillion in debit and prepaid purchase volume generated by the top 50 issuers in 2025.
  • Article: Nium Stablecoin Card Issuance Platform | Nium | Page 10 |
    • The company issues more than 38 million virtual cards annually, mostly for business-to-business transactions in the travel industry sector.
  • Article: Amex to Protect Cardholders Against AI Agent Errors | American Express | Page 14
    • American Express is the first card company to protect its customers when AI commerce errors occur on a registered transaction.
  • First Look: Venmo Debit Mastercard Rewards Expansion | Venmo, PayPal, The Bancorp Bank | Page 3
    • Venmo has expanded its Stash cash back rewards program partners to include Sephora, Ulta, Taco Bell and Pizza Hut, allowing Venmo Debit Mastercard customers to earn up to 5% cash back.
  • First Look: Synchrony Launches Chico’s Co-Brand | Synchrony, Chico’s FAS, Mastercard | Page 3
    • Synchrony, the 11th largest US credit card issuer, has launched a co-branded Mastercard credit card with fashion retailer Chico’s FAS that allows cardholders to earn 7.5% back in rewards on purchases.
  • First Look: Adyen Virtual Visa Card Issuance | Adyen, lastminute.com | Page 3
    • Adyen is providing virtual Visa card issuance services to lastminute.com to pay airlines, hotels and other suppliers, accelerating supplier payments by 2 to 3 days and reducing reconciliation times.
  • First Look: Vodafone Fiji Digital Card Solution | Vodafone Fiji, Entrust, Mastercard | Page 3
    • Vodafone Fiji has deployed Entrust’s Digital Card Solution to make Mastercard cards available for ecommerce transactions and created a proprietary in-app wallet to give customers tap to pay capabilities.
  • First Look: Blackhawk Network Prepaid Platform | Blackhawk Network | Page 4
    • Blackhawk Network has built a new platform that brands can use to consolidate the presentation and management of prepaid cards, refunds, promotional dollars and loyalty rewards.
  • First Look: Mercury Pursues National Bank Charter | Mercury, Patriot Bank, First Bank & Trust | Page 4
    • Fintech Mercury has received conditional approval for a national bank charter to further support its credit and debit card offerings to over 300,000 business and consumer customers.
  • First Look: Mission Lane Special-Purpose Bank Application | Mission Lane, Transportation Alliance Bank, WebBank | Page 4
    • Mission Lane, a fintech provider of credit cards to more than three million credit-marginalized consumers, has filed applications to establish a special-purpose credit card bank in Virginia.
  • First Look: TransUnion and Mastercard Collaboration | TransUnion, Mastercard | Page 4
    • TransUnion is collaborating with Mastercard in the Philippines to offer lenders and card issuers a risk profile of consumers with no previous credit history by merging card transaction data with alternative data.
Issue 1305
  • Article: New American Express Small Business Credit Card | American Express | Page 14
    • Targeting SMBs, the Graphite Business Cash Unlimited Card offers no preset spending limits and flexible pay-over-time options.
  • Article: US Bank Gains Amazon Co-Brand Commercial Cards | U.S. Bank, Amazon | Page 11
    • U.S. Bank takes over the Amazon co-brand partnership, launching two new no-annual-fee credit cards for small businesses.
  • Article: Paysafe Offers Crypto Option for Online Wagers | Paysafe | Page 10
    • As credit cards retreat from US sports betting, Paysafe steps in to offer secure crypto funding options.
  • Article: InComm Payments Adds Blockchain Partner | InComm Payments, SKUx | Page 9
    • InComm partners with SKUx to leverage item-level intelligence and blockchain for disaster relief and retail promotions.
  • Data Table: Global Brand Cards in Latin America and the Caribbean — 2025 | Page 5
    • General purpose cards in circulation hit 1.54 billion, fueling an astonishing $X.XXX trillion in purchase volume across the region.
  • First Look: BanCoppel Modernizes Card Operations | BanCoppel, BPC, Visa | Page 2
    • BanCoppel has selected BPC’s modular SmartVista platform to upgrade its eGlobal domestic-only and Visa brand credit card issuing capabilities.
  • First Look: CPI Card and Velera Extension | CPI Card, Velera | Page 3
    • CPI Card received a multiyear extension of its contract to provide credit and debit cards to the more than 4,000 credit union customers of Velera, a credit union services organization payment processor.
  • First Look: Marqeta Real-Time Decisioning | Marqeta | Page 3
    • Marqeta has enhanced the AI-powered real-time decisioning feature it offers card issuers to analyze risk in authorizations, evaluating more than 300 transaction attributes to help manage fraud.
  • First Look: Bank Zero and Paymentology | Bank Zero, Paymentology, Mastercard | Page 3
    • Bank Zero, a branchless and app-driven financial institution in South Africa, will use Paymentology as its issuer processor for Mastercard-branded payment cards.
  • First Look: American Express Flexible Payment Options | American Express | Page 3
    • American Express has made its flexible payment options available to new Business Platinum and Gold Cardholders in the UK, giving them the option to repay their statement balance in full or pay a portion over time with interest.
Issue 1304
  • Article: United Airlines Expands Corporate Travel Billing with TreviPay and UATP | United Airlines, TreviPay, UATP | Page 15
    • United Airlines taps TreviPay to streamline UATP corporate travel billing across Europe and Australasia.
  • Article: Mastercard Buys BVNK for Stablecoin Infrastructure | Mastercard, BVNK | Page 10
    • Mastercard acquires Layer 1 software provider BVNK for up to $1.8 billion, supercharging its stablecoin capabilities.
  • First Look: American Express and SAP Concur Virtual Cards | American Express, SAP Concur | Page 3
    • American Express and SAP Concur expanded their partnership to integrate Amex virtual cards with Concur Express, enabling virtual cards to be instantly created for employees with limited or occasional spending needs.
  • First Look: J.P. Morgan Payments Virtual Mastercards | J.P. Morgan Chase, Mastercard | Page 3
    • J.P. Morgan Payments is issuing virtual Mastercard cards in Europe aimed at helping insurance, healthcare, travel, commercial real estate, and other businesses more efficiently handle their accounts payable.
  • First Look: Garanti BBVA BonusFlas App Redesign | Garanti BBVA, Mastercard | Page 3
    • Turkey-based issuer Garanti BBVA redesigned its BonusFlas mobile app, with support from Mastercard Advisory Services, to provide cardholders with faster NFC contactless capabilities, QR code payments, and better management over rewards.
  • First Look: Affiniti Credit Cards Funding | Affiniti, Column | Page 3
    • Affiniti, which provides credit cards and spend management to US SMBs, signed a financing agreement with nationally chartered bank Column to support its card portfolio growth and fund new products.
  • First Look: CorServ and Capitol Federal Savings | CorServ, Capitol Federal Savings | Page 3
    • CorServ, a provider of API-based turnkey credit card issuing programs, launched a new suite of commercial card products with Capitol Federal Savings (CapFed).
  • First Look: Paythru Fleet Wallets and Virtual Cards | Paythru, Visa | Page 3
    • Paythru partnered with Visa to offer fleet operators a white-labeled wallet for EV charging payments, allowing driver payments to be built into an operator’s existing app or issued as virtual Visa cards directly from the wallet.
  • First Look: OpenWay UnionPay Tokenization | OpenWay, UnionPay | Page 3
    • Card issuing software provider OpenWay added complete support for UnionPay products on its Way4 platform, enabling six banks in Central Asia to add tokenized UnionPay cards to their customers’ BigPay mobile apps.
Issue 1303
  • Article: Bank of America Expands Loyalty Program | Bank of America | Page 9
    • BofA prepares to double its loyalty program base with a highly intuitive mobile rollout for BofA Rewards.
  • Article: FIS End-to-End Support for Agentic Commerce | FIS | Page 8
    • The world’s largest card processor readies its backend to secure token-based transactions from autonomous AI agents.
  • Data Table: Canada Card Issuers and Networks — 2025 | Page 5
    • Visa, Mastercard, and Amex purchase transactions grew X.X%, with RBC Royal Bank dominating the Canadian market.
  • First Look: MuchBetter Expands with Thredd | MuchBetter, Thredd, Mastercard | Page 3
    • MuchBetter, a digital wallet and prepaid Mastercard provider, is expanding into Israel by leveraging the technology of its global partner Thredd to handle account processing support and top-ups for physical and virtual prepaid cards.
  • First Look: Banco Santander Mastercard Agent Pay | Banco Santander, Mastercard | Page 3
    • Banco Santander carried out the first live end-to-end payment executed by an AI agent within a regulated banking framework in Europe using Mastercard Agent Pay.
  • First Look: Banco Plata Becomes Full-Service Bank | Banco Plata, Mastercard | Page 3
    • Banco Plata, which has issued three million Mastercard credit cards in Mexico exclusively through a mobile app, received final approval to operate as a full-service bank to expand its products and services.
  • First Look: Nxtmoves and LoanPro Partnership | Nxtmoves, LoanPro | Page 3
    • Nxtmoves, a credit card program management platform with issuing capabilities, formed a partnership with LoanPro to act as its credit ledger and operational hub for handling payments and collections.
  • First Look: Mastercard and Google Pay in Saudi Arabia | Mastercard, Google Pay | Page 3
    • Mastercard is collaborating with Google to expand support for Google Pay in Saudi Arabia, enabling Mastercard cardholders to add their cards to Google Wallet for secure contactless in-store and online purchases.
  • First Look: Equifax Income Confirm for Card Lenders | Equifax | Page 3
    • Equifax launched Income Confirm, a product for credit card lenders that delivers verified employment and income data along with a credit report during the application process to expedite approvals and assess risk.
Issue 1302
  • Article: Badge Opens Access to Apple and Google Wallets | Badge, Apple, Google | Page 7
    • Turn preinstalled Apple and Google wallets into programmable, real-time interactive channels for loyalty and rewards.
  • Data Table: Top 50 US Mastercard and Visa Credit Card Issuers – 2025 | Page 9
    • The top 50 issuers surpassed an incredible $X.XXX trillion in outstanding receivables.
  • Data Table: Largest US Issuers of General Purpose Credit Cards — 2025 | Page 5
    • The top 10 issuers dominated the US market, capturing an XX.XX% share of industry outstandings.
  • First Look: Medius Corporate Card Program | Medius, Adyen | Page 2
    • AP automation and spend management provider Medius has partnered with Adyen to launch a corporate card program featuring integrated expense management reporting and a 0.5% cash-back reward.
  • First Look: DBS Bank Visa Intelligent Commerce | DBS Bank, Visa | Page 2
    • DBS Bank in Singapore became the first Visa card issuer to participate in an Asia-Pacific pilot test of Visa Intelligent Commerce, a suite of APIs designed to support online payments made by AI agents on behalf of cardholders.
  • First Look: Westpac Mastercard Agent Pay | Westpac, Mastercard | Page 2
    • Westpac acted as Mastercard’s card issuer partner in the first New Zealand test of the Mastercard Agent Pay framework, successfully using a bank-issued debit card to allow an AI agent to negotiate and complete a movie ticket purchase with cardholder consent.
  • First Look: Bilt Rewards Credit Card Partnership | Bilt Rewards, Column Bank, Wells Fargo, Cardless | Page 2
    • Rent and rewards platform Bilt Rewards has converted its Mastercard credit card issuing partnership from Wells Fargo to Column Bank, with the program now being managed by Cardless.
  • First Look: Tillo and Kindo Childcare Rewards | Tillo, Kindo | Page 3
    • Tillo, a provider of prepaid cards and incentives, is working with UK-based fintech Kindo to help families earn points redeemable for digital vouchers based on their uploaded childcare invoices.
Issue 1301
  • Article: Cross River and i2c Support White-Label Debit Cards | Cross River, i2c, Sightline Payments | Page 14
    • Sightline Payments rolls out white-label Visa debit cards for US gamers and gamblers, bypassing cash advance fees.
  • Article: Affirm Adds Fiserv for Debit Card Buy Now, Pay Later | Affirm, Fiserv | Page 8
    • BNPL transactions will flow directly over Visa and Mastercard networks with Affirm supporting near real-time underwriting.
  • Article: Visa Partners with Amenify on Resident Commerce | Visa, Amenify | Page 9
    • Renters earn Amenify Cash in a digital wallet when they use AI agents to pay rent and make online purchases with their Visa cards.
  • Data Table: Mastercard and Visa Cards in the US — 2025 | Page 11
    • Purchase volume for US-issued Mastercard and Visa cards soared to a stunning $X.XXX trillion.
  • Data Table: Global Brand Cards in the United States — 2025 | Page 5
    • Combined credit card purchase volume for the major global networks grew 6.1% to hit $X.XXX trillion.
  • First Look: Thredd Full-Stack CaaS for Netbank | Thredd, Netbank, Google Pay | Page 3
    • Thredd will provide its full-stack cards-as-a-service (CaaS) platform to Philippines-based Netbank, allowing them to issue virtual and physical cards with spend controls and Google Pay integration. (Corrected from previous issue!)
  • First Look: Vault Payment Solutions Secured Cards | Vault Payment Solutions, Thredd, Mastercard | Page 3
    • Vault Payment Solutions has selected Thredd as its issuing processor to handle account management and related services for its Mastercard secured cards in Australia and the UK.
  • First Look: Payfinia and Deluxe Paze Wallet | Payfinia, Deluxe, Paze | Page 3
    • Payfinia and Deluxe have formed a partnership to bring the Paze digital wallet and online checkout service to credit unions and community banks, enabling ISVs to embed the turnkey digital wallet service without needing to manage an issuer relationship.
Issue 1300
  • Article: Installment Loans Tied to Credit Cards on Mobile Wallets | Mastercard, LoanPro | Page 15
    • Mastercard and LoanPro partner to bring mobile wallet installment loans seamlessly to credit card issuers.
  • Article: Capital on Tap Credit Cards for Small Businesses | Capital on Tap, Visa | Page 11
    • Capital on Tap supports a booming Visa credit card portfolio with $2.02 billion in outstandings for UK small businesses.
  • Article: Infineon NFC Chips for Prepaid Cards | Infineon Technologies | Page 6
    • Infineon introduces secure, NFC-enabled chips to fight the rising threat of fraud on off-the-rack prepaid cards.
  • Article: Capital One to Buy Brex | Capital One, Brex | Page 6
    • Capital One makes a major B2B splash, agreeing to a $5.5 billion deal to acquire commercial card powerhouse Brex.
  • Data Table: Visa and Mastercard Worldwide thru 3Q 2025 | Page 12
    • Debit, credit, and prepaid cards generated an astonishing $XX.XXX trillion in global purchase volume in just nine months.
  • Data Table: Market Cap Performance for Card Issuers and Networks | Page 10
    • Capital One’s market cap surged over XXX%, fueled by its historic acquisition of Discover.
  • Data Table: Payment Cards Projected thru 2030 | Page 5
    • Global payment cards in circulation are on track to reach an unbelievable XX.XX billion by the end of the decade.
  • First Look: Swiipr Virtual Cards for Airlines | Swiipr, Mastercard, Google | Page 3
    • Swiipr is using Google’s web push provisioning service to instantly deliver compensation via Mastercard-branded virtual cards to airline passengers without requiring an app download.
  • First Look: Nuvei and Wex Virtual Cards | Nuvei, Wex | Page 3
    • Nuvei will offer its travel industry and marketplace customers virtual card technology from Wex, which automates card issuance to streamline supplier payments and provide built-in controls.
  • First Look: Visa and Apple Pay in China | Visa, Apple | Page 3
    • Visa and Apple are working with banks in China, including 8 of the 10 largest payment card issuers in the Asia-Pacific region, to provision Visa account credentials to Apple Pay wallets for use outside of China.
  • First Look: TreviPay for Visa-Issuing Banks | TreviPay, Visa | Page 3
    • TreviPay is making its Pay by Invoice order-to-cash accounts receivable automation technology available to Visa-issuing banks, with B2B trade credit funded by the issuer.
  • First Look: Affirm Bank Application | Affirm | Page 3
    • Affirm has submitted an application to the Nevada Financial Institutions Division and the FDIC to establish Affirm Bank to help expand its financial products.
Issue 1299
  • Article: JPMorgan Chase to Buy Apple Card Portfolio | JPMorgan Chase, Apple, Goldman Sachs | Page 16
    • Chase swoops in to acquire the coveted $20-billion Apple Card portfolio from Goldman Sachs.
  • Article: Walmart Opposes Merchant Settlement with Mastercard, Visa and Top Card Issuers | Walmart, Mastercard, Visa | Page 10
    • Retail giant Walmart slams the proposed merchant settlement, demanding the right for mega-merchants to opt out.
  • Data Table: US General Purpose Card Networks through 3Q 2025 | Page 12
    • US-issued cards drove a massive $X.XXX trillion in purchase volume in the first nine months of the year.
  • Data Table: Global Brand Card Transactions Projected Worldwide — 2030 | Page 5
    • Global brand cards are projected to generate over X.XXX trillion purchase transactions by 2030.
  • First Look: QNB Mastercard License for Syria | QNB, Mastercard, Central Bank of Syria | Page 3
    • QNB, the largest financial institution in the Middle East and Africa, has received a Mastercard license to extend its card issuing and merchant acquiring businesses into Syria.
Issue 1298
  • Article: Jifiti White-Label Support for AI-based Lending | Jifiti | Page 16
    • Jifiti offers an orchestration layer helping lenders support the next frontier: AI-driven agentic commerce.
  • Article: Transaction Moment Ads from Rokt for Card Issuers | Rokt, Capital One, Citi | Page 7
    • Rokt leverages checkout moments to help issuers deliver personalized ads and win the ‘top-of-wallet’ battle.
  • Data Table: Global Brand Cards Worldwide — Midyear 2025 | Page 14
    • Global brand cards generated XXX.XX billion purchase transactions in just the first half of the year.
  • Data Table: Top 150 Credit Card Issuers — 2024 | Page 13
    • The 150 largest credit card issuers globally generated a massive $XX.XXX trillion in purchase volume.
  • Data Table: US Commercial Cards — Amex, Mastercard and Visa — in 2024 | Page 10
    • US commercial cards reached $X.XXX trillion in purchase volume, proving business spending is stronger than ever.
  • Data Table: Card Fraud Losses Worldwide — 2024 | Page 5
    • US-issued cards account for XX% of global volume but almost XX% of the world’s gross fraud losses.
  • First Look: Beyond by RS2 Mastercard Issuing | Beyond by RS2, Mastercard | Page 3
    • Beyond by RS2 has become a Principal Issuing Member of Mastercard in Europe, giving it the ability to launch and manage debit, credit, and prepaid consumer and commercial payment card programs directly for fintechs, corporations, and retailers.
  • First Look: United Mileage Plus Chase Rent Payments | JPMorgan Chase, United Airlines, Bilt | Page 3
    • United Mileage Plus Chase cardholders can earn two miles per dollar spent on up to $50,000 in rent payments per calendar year if they pay their rent through the Bilt rewards platform.
  • First Look: Pismo Powers Circle Asia Technologies | Pismo, Visa, Circle Asia Technologies | Page 3
    • Visa-owned Pismo will provide card account processing and related support services to Circle Asia Technologies for an AI-powered Pay Later product launching in Vietnam in 2026 to help consumers build credit.
  • First Look: Fifth Third Bank Partnership with Brex | Fifth Third Bank, Brex | Page 3
    • Fifth Third Bank has signed a partnership with corporate card specialist Brex, whose spend management software and commercial cards are used by more than 30,000 companies to eliminate manual expense reporting.
  • First Look: Zilch Visa Principal Member | Zilch, Visa, UK Financial Conduct Authority | Page 3
    • UK-based BNPL provider Zilch has received a payment services license from the UK’s Financial Conduct Authority and has officially become a Principal Member of Visa.
  • First Look: Belize Bank Deploys i2c Technology | Belize Bank, i2c | Page 3
    • Belize Bank will deploy configurable API-based technology from card processor i2c to extend banking services to the country’s underbanked population.
Issue 1297
  • Article: Fime Testing, Certification and Strategy Consulting | Fime | Page 14
    • Fime prepares cutting-edge testing tools to authenticate AI agents for e-commerce and seamless payments.
  • Article: U.S. Bank’s Split BNPL Card | U.S. Bank, Mastercard | Page 14
    • U.S. Bank takes on nonbank BNPLs with a new card that automatically splits every purchase into a 3-month payment plan.
  • Article: Spend Management Platform for Commercial Cards | Extend, PNC Bank, Fiserv, FIS | Page 10
    • Extend software empowers banks to fight back against Ramp and Brex with seamless virtual card controls.
  • Data Table: Card Manufacturers — Part 2 | Page 12
    • From recycled plastics to biometric fingerprints, specialty cards highlight the industry’s shipping trends.
  • Data Table: Consumer Payment Systems and PCE in the US — Projected | Page 9
    • Card-based payment methods power nearly XX% of all consumer payment systems purchase volume.
  • Data Table: Domestic-Only Debit and Credit Cards Worldwide — 2024 | Page 7
    • The domestic-only card market heats up, with debit cards in circulation growing to X.XX billion.
  • Data Table: Top 150 Debit Card Issuers Worldwide — 2024 | Page 6
    • Purchases initiated by the top 150 debit card issuers reached a staggering $XX.XXX trillion.
  • First Look: Cash App Visa Debit Flex Card | Cash App, Block, Visa, Sutton Bank, The Bancorp Bank, Afterpay, First Electronic Bank | Page 3
    • Cash App plans to offer users a Visa Debit Flex Card in 2026 issued by Sutton Bank and The Bancorp Bank, featuring purchase-over-time payment options from Afterpay with loans originated by First Electronic Bank.
  • First Look: Vault Payment Solutions Secured Credit Card | Vault Payment Solutions, Mastercard | Page 4
    • Vault Payment Solutions, an Australian provider of a secured credit card, has received Principal Issuer status from Mastercard.
Issue 1296
  • Article: Card Networks, Top Issuers and Merchants Settle Litigation from 2005 | Visa, Mastercard, Bank of America, Capital One, Citibank, JPMorgan Chase, Wells Fargo | Page 14
    • A monumental proposed settlement promises $38 billion in interchange fee savings for merchants through 2031.
  • Article: Splitit to Test Installment Payments for US Debit Cards | Splitit, DXC, Visa, Mastercard | Page 9
    • Debit card issuers using Hogan software can now white-label Splitit’s seamless installment loan technology.
  • Data Table: Asia-Pacific’s 50 Largest Payment Card Issuers—2024 | Page 11
    • The top 50 APAC issuers drove 7.15 billion cards and a massive $X.XXX trillion in purchase volume.
  • Data Table: US Credit, Debit and Prepaid Cards Projected — 2029 | Page 5
    • By 2029, payment cards in circulation in the US are projected to hit an incredible X.XX billion.
  • First Look: CPI Card and Karta Prepaid Cards | CPI Card, Karta | Page 2
    • CPI Card made a minority equity investment in Australia-based Karta to produce and personalize contactless prepaid cards embedded with Karta’s SafeToBuy applet.
  • First Look: Thredd and LoanPro Integration | Thredd, LoanPro | Page 2
    • Thredd has integrated its cards-as-a-service platform with LoanPro to give its financial organization customers the ability to design, launch, and scale new credit products.
  • First Look: Marqeta Powers Klarna Card | Marqeta, Klarna, Visa | Page 3
    • Marqeta will serve as the issuer processor supporting the Klarna Card as it rolls out across 15 countries in Europe utilizing Visa Flexible Credential technology.
  • First Look: Barclays and Visa Partnership | Barclays, Visa | Page 3
    • Barclays and Visa have agreed to extend a multi-decade partnership that covers card issuing in the US, as well as card issuing and merchant acquiring in the UK.
  • First Look: Truist Visa Business Premium Infinite | Truist, Visa | Page 3
    • Truist is the first superregional bank to launch a Visa Business Premium Infinite card, targeting small businesses with above-average annual spending with a 2% cash back offer.
Issue 1295
  • Article: Fifth Third, Comerica Merger | Fifth Third, Comerica | Page 14
    • The massive merger between Fifth Third and Comerica will create the 9th largest commercial card portfolio in the US.
  • Article: Mastercard Commerce Media | Mastercard, American Airlines, Citi, Microsoft, WPP | Page 10
    • Mastercard revolutionizes card-linked offers by acting as an ad network across streaming, ride-share, and agentic channels.
  • Article: Brex Commercial Cards and Spend Management | Brex | Page 7
    • Brex’s commercial cards and partner banks generated an incredible $20 billion in purchase volume in just 12 months.
  • Data Table: Latin America’s 50 Largest Credit and Debit Card Issuers—2024 | Page 11
    • General purpose payment cards from the top 50 LA&C issuers generated $X.XXX trillion in purchase volume.
  • Data Table: Payment Card Manufacturer Shipments—2024 | Page 8
    • The top five manufacturers dominated the market, shipping X.X billion payment cards globally in 2024.
  • Data Table: 150 Largest Credit Card Portfolios Worldwide—2024 | Page 5
    • US issuers led the pack worldwide with a combined $X.XXX trillion in credit card outstandings.
  • First Look: U.S. Bank Digital Subscriptions | U.S. Bank, Ethoca, Mastercard | Page 3
    • U.S. Bank credit cardholders can now view and manage digital subscriptions and digital receipts directly within their mobile app and online banking through a partnership with Ethoca.
  • First Look: Klarna Flexible Debit Card | Klarna, Visa | Page 3
    • Klarna has launched a flexible Visa debit card in the UK that is debit by default, but allows cardholders to apply for a spending plan to finance purchases over time.
  • First Look: Idex Biometrics RuPay Card | Idex Biometrics, Hitachi Payment Services, Airtel Payments Bank, RuPay | Page 3
    • Idex Biometrics launched India’s first RuPay biometric payment card in partnership with card account processor Hitachi Payment Services and card issuer Airtel Payments Bank.
  • First Look: Galileo AWS Integration | Galileo, SoFi, Amazon Web Services | Page 3
    • Galileo, the payment processing and financial services technology platform owned by SoFi, has joined the Amazon Web Services Partner Network to give companies faster access to its issuing technology.
Issue 1294
  • Article: Payment Cards and Agentic Commerce | Visa, Mastercard, OpenAI, Anthropic, Microsoft | Page 12
    • Mastercard Agent Pay and Visa Intelligent Commerce pave the way for secure, token-based autonomous AI agent checkouts.
  • Article: Merchants Settle with Visa and Mastercard | Visa, Mastercard | Page 8
    • Visa and Mastercard agree to a nearly $200 million settlement over fraud liability regulations regarding non-chip card readers.
  • Data Table: Middle East and Africa Global Brand Network Cards — 2024 | Page 14
    • Credit, debit, and prepaid cards in the MEA region generated $X.XXX trillion in volume, up nearly XX%.
  • Data Table: Household Debt and Credit Cards in the US — 2024 | Page 10
    • Credit card debt per household hit $XX,XXX, outpacing inflation to account for over XX% of total consumer credit.
  • Data Table: Store Cards in the US — 2024 | Page 9
    • Private label store credit cards in circulation hit XXX.X million, experiencing an X% drop.
  • First Look: Blackhawk Network Prepaid Card Mall | Blackhawk Network, Google Play | Page 3
    • Blackhawk Network partnered with Google Play to launch a prepaid card mall directly inside the Play Store for users to easily purchase and deliver digital gifts.
  • First Look: Zeni Business Debit Card | Zeni, Thread Bank, Visa | Page 3
    • Zeni launched the Visa-branded Zeni Business Debit Card issued by Thread Bank, offering 1.75% cash back automatically deposited into Zeni checking accounts.
  • First Look: I&M Bank Tanzania Mastercard World Elite | I&M Bank Tanzania, Mastercard, OpenWay | Page 3
    • I&M Bank Tanzania launched the country’s first Mastercard World Elite debit and multicurrency prepaid cards operating on OpenWay’s Way4 card management platform.
  • First Look: Visa Fleet Data Tags via Google Pay | Visa, Google Pay | Page 3
    • Visa is providing an integration that allows custom fleet data tags to be configured by card issuers during digital wallet provisioning for Google Pay.
Issue 1293
  • Article: American Express Expands US Platinum Cards Benefits | American Express | Page 7
    • Amex boosts Platinum card benefits to a $3,500 value, rolling out a sleek new app design to court Gen Z.
  • Data Table: US Mastercard/Visa Credit Card Issuers–Midyear 2025 | Page 9
    • The 100 largest US issuers of Mastercard and Visa credit cards generated $X.XXX trillion in just half a year.
  • Data Table: US General Purpose Credit Card Issuers at Midyear 2025 | Page 5
    • Capital One becomes the largest US credit card issuer by outstandings following its historic Discover acquisition.
  • First Look: Fifth Third Direct Express Prepaid Cards | Fifth Third Bank, Money Network Financial | Page 3
    • Fifth Third received a 5-year contract to act as the financial agent for the federal government’s Direct Express prepaid card program serving unbanked benefit recipients.
  • First Look: Affirm Visa Cards on Apple Pay | Affirm, Evolve Bank & Trust, Cross River Bank, Visa, Apple Pay | Page 3
    • Affirm’s pay-over-time options are now available for in-store purchases with Apple Pay on iPhone, utilizing Affirm Visa debit cards issued by Evolve Bank & Trust or one-time virtual Affirm Visa cards issued by Cross River Bank.
  • First Look: Westpac Commercial Mastercard | Westpac, Mastercard, Oracle | Page 3
    • Westpac has become Australia’s first issuer to launch a commercial Mastercard product with virtual card capabilities embedded in Oracle Fusion Cloud Enterprise Resource Planning software to give businesses enhanced spend controls.
  • First Look: HyperPay Commercial Card Issuing | HyperPay, Mastercard | Page 3
    • Saudi Arabia-based payment gateway provider HyperPay has entered into a partnership with Mastercard to issue commercial card products in Saudi Arabia, the UAE, and Qatar.
Issue 1292
  • Article: First-Party Fraud Dispute Automation for Card Issuers | Casap, Mastercard, Visa, Discover | Page 12
    • Casap’s automation scripts can identify cardholders who tell the truth from those scamming the chargeback process.
  • Data Table: Top US Issuers of Visa Direct and Mastercard Send — 2024 | Page 8
    • Top issuers handled X.XX billion transactions pushing funds to debit cards in under 30 minutes.
  • Data Table: Europe’s Global Network Cards—2024 | Page 5
    • Cards carrying Visa, Mastercard, Amex, and Diners Club brands generated $X.XXX trillion in purchase volume in Europe.
  • First Look: Tide Removes Card Details from Mastercard | Tide, Mastercard | Page 3
    • Tide has become the first commercial card issuer in the UK to remove visible card account numbers, expiry dates, and security codes from its physical Mastercard products to enhance security and fight fraud.
  • First Look: Quavo Fraud and Dispute Automation | Quavo, USAA Savings Bank | Page 3
    • Quavo is providing its cloud-based agentic AI platform, QFD, to USAA Savings Bank to completely automate and manage card fraud and dispute processes from initial intake through final recovery and resolution.
  • First Look: Mastercard On-Demand Decisioning | Mastercard | Page 3
    • Mastercard introduced On-Demand Decisioning, a rules-engine tool that empowers card issuers to establish criteria directly on the network for instant transaction approvals and declines, allowing them to instantly prioritize high-value cardholders.
  • First Look: Coast Corporate Visa Card | Coast, Celtic Bank, Visa | Page 3
    • Fleet financial platform Coast launched a corporate Visa card, issued by Celtic Bank, to help residential, commercial, and transportation businesses easily manage fuel, employee, and vendor spending in a single system.
Issue 1291
  • Article: Rapyd’s Fintech as a Service | Rapyd, Visa, Mastercard | Page 7
    • Rapyd supports 250,000 merchants with acquiring, card issuing, and multicurrency business banking accounts.
  • Article: Car IQ and Vehicle Payments | Car IQ | Page 12
    • Every vehicle connected to the Car IQ platform has its own digital wallet for frictionless fuel and toll payments.
  • Article: FIS and Circle Partnership | FIS, Circle | Page 14
    • FIS and Circle enable US financial institutions to seamlessly send, receive and hold USDC stablecoins.
  • Data Table: Top 20 US Visa, Mastercard and Discover Prepaid Issuers — 2024 | Page 8
    • Purchase volume for the top 20 prepaid card issuers reached $XXX.XX billion, with The Bancorp Bank maintaining its lead.
  • Data Table: US Card Networks at Midyear 2025 | Page 5
    • Mastercard and Visa debit cards accounted for over XX% of all credit and debit card purchase transactions.
  • First Look: Navan Virtual American Express Cards | Navan, American Express | Page 3
    • Navan integrated with Amex to enable its customers to instantly create virtual American Express Business and Corporate cards for travel booked on its platform.
  • First Look: Checkout.com Visa Card Issuing | Checkout.com, Visa | Page 3
    • Checkout.com will offer physical and virtual Visa cards to UK and EEA merchants, making acquired funds immediately available for merchant Visa purchases.
  • First Look: Paymentology PayoCard Platform | Paymentology, Standard Bank, Old Mutual Bank, Sticitt, Shyft | Page 3
    • Paymentology introduced a mobile-first card issuance platform called PayoCard in South Africa, allowing issuers to deliver self-managed card features like real-time balance updates, PIN resets, and spending blocks.
  • First Look: Flex Visa Infinite Business Credit Card | Flex, Visa | Page 3
    • Flex launched the first Visa Infinite Business Credit Card from a fintech, offering upgraded travel and lifestyle perks integrated with business banking and expense management.
  • First Look: JPMorgan Chase Coinbase Funding | JPMorgan Chase, Coinbase | Page 3
    • JPMorgan Chase customers will soon be able to fund their Coinbase wallets directly from their Chase credit cards, allowing them to earn Chase Ultimate Rewards while doing so.
Issue 1290
  • Article: Mastercard Prestige Cards | Mastercard | Page 7
    • The brand-new metal World Legend card supplants World Elite as Mastercard’s top prestige product.
  • Article: Visa’s Deal with Japan’s FTC | Visa, Japan Fair Trade Commission | Page 7
    • Visa agrees to let acquirers choose their authorization service for credit card transactions in Japan.
  • Data Table: 50 Largest Card Issuers — 2024 Middle East and Africa Region | Page 9
    • Purchase volume for the top 50 issuers in the MEA region reached a whopping $XXX.XX billion.
  • Data Table: US Card Network Results — First Quarter 2025 | Page 8
    • Mastercard saw the highest market share growth in credit card purchase volume, jumping to XX.XX%.
  • Data Table: Asia–Pacific Global Network Cards 2024 | Page 5
    • Over XX% of the 11.92 billion global brand cards issued in Asia-Pacific carried the UnionPay logo.
  • First Look: Zinia Visa Credit Card with Amazon | Zinia, Santander, Amazon, Visa | Page 2
    • Santander’s Zinia has partnered with Amazon to launch a co-branded Visa credit card for shoppers in Germany.
  • First Look: Samsung Wallet and Splitit | Samsung, Splitit, Visa, Mastercard, J.P. Morgan Chase | Page 3
    • Consumers using Samsung Wallets can now access Splitit’s BNPL credit billed directly to their loaded Visa and Mastercard cards though credit cards issued by J.P. Morgan Chase are notably blocked from participating.
  • First Look: Everee Expedite Visa Pay Card | Everee, The Bancorp Bank, Visa | Page 2
    • Everee has launched the Expedite Visa Pay Card to help companies pay gig workers instantly.
Issue 1289
  • Article: BVNK’s Stablecoin Infrastructure | BVNK | Page 14
    • Regulated institutions can now seamlessly manage stablecoin custody and payments like a core banking system.
  • Article: Thales Payment Services’ D1 Platform | Thales | Page 12
    • Push provision digital cards to mobile wallets and issue virtual cards with dynamic credentials via APIs.
  • Article: Card Industry Litigation Updates in the US and UK | Apple, Visa, Mastercard | Page 8
    • US and UK courts shake up the payment landscape with major decisions on card interchange fees and Apple Pay.
  • Data Table: Europe’s Top Card Issuers 2024 | Page 5
    • The top 50 European issuers collectively issued 1 billion payment cards, driving $X.XXX trillion in purchase volume.
  • Data Table: US Debit Card Issuers Ranked 51st through 100th Largest — 2024 | Page 8
    • Debit and prepaid products issued by the second top 50 generated $X.XXX trillion in purchase volume.
  • First Look: Venmo Co-Branded Debit Card | Venmo, PayPal, The Bancorp Bank | Page 3
    • Venmo is marketing a co-branded Mastercard debit card, issued by The Bancorp Bank, to students at Big 12 Conference universities featuring customized school designs.
  • First Look: General Motors Rewards Mastercard | General Motors, Barclays US Consumer Bank, Mastercard | Page 3
    • General Motors has redesigned its loyalty program and launched a new GM Rewards Mastercard credit card issued by Barclays US Consumer Bank that allows points to be redeemed for vehicles, services, and digital plans.
  • First Look: STMicroelectronics Contactless Chips | STMicroelectronics | Page 3
    • STMicroelectronics launched STPay-Topaz-2, a system on a chip for contactless payment cards that allows card manufacturers to consolidate the largest set of payment apps on a single part number.
  • First Look: Entrust Digital Card Solution for Credit Bank PNG | Entrust, Credit Bank PNG, Visa | Page 3
    • Credit Bank PNG in Papua New Guinea will deploy Entrust’s Digital Card Solution platform to tokenize Visa cards for contactless purchases via the bank’s built-in mobile payment wallet.
  • First Look: Pay4You Virtual Card Integration | Pay4You, Mastercard | Page 3
    • Pay4You integrated its self-service portal with Mastercard’s virtual card network to capture the 20% of corporate payments not typically managed by procurement processes that are usually settled via account-to-account transfers.
Issue 1288
  • Article: Highnote Stablecoin Funding for Commercial Cards | Highnote, BVNK, Sutton, Celtic, Cross River, FinWise, Veritex | Page 14
    • BVNK and Highnote team up to let businesses prefund commercial cards using US dollar-denominated stablecoins.
  • Article: Card Payments in Europe | European Central Bank | Page 11
    • The head of the European Central Bank pushes for network independence as a CBDC rollout approaches.
  • Data Table: Global Network Card Results Worldwide — 2024 | Page 5
    • Purchase transactions generated by global network cards skyrocketed 12.4% to XXX.XX billion.
  • First Look: Asia Commercial Bank Visa Flexible Credential | Asia Commercial Bank, Visa, OpenWay | Page 3
    • ACB has become the first Southeast Asian issuer to offer Visa Flexible Credential on OpenWay’s Way4 platform, allowing cardholders to switch between credit and debit options using a single card.
  • First Look: Mastercard and Fiserv FIUSD Stablecoin Cards | Mastercard, Fiserv | Page 3
    • Mastercard plans to make Fiserv’s programmable FIUSD stablecoin available on its global network and will support the issuance of Mastercard-branded stablecoin-powered payment cards.
  • First Look: RS2 Integrates Visa Authorization Services | RS2, Visa | Page 3
    • RS2 will incorporate Visa’s front-end authorization services into its API-first, cloud-native technology stack to enhance its card issuing and merchant acquiring processing capabilities.
  • First Look: Lithic Adds American Express Support | Lithic, American Express | Page 3
    • Lithic has expanded its credit, debit, and prepaid card account processing platform for fintechs to officially include issuing support for American Express brand cards.
  • First Look: FIS Expanded Partnership with Visa | FIS, Visa | Page 3
    • FIS will offer its regional and community bank card issuing customers new Visa capabilities, including halting recurring payments and instantly pushing digital cards directly to mobile wallets without requiring app downloads.
Issue 1287
  • Article: Affiniti Cards for Trade Associations | Affiniti, Patriot Bank, i2c, Mastercard | Page 12
    • Affiniti targets underserved independent businesses with a new Mastercard credit card that covers association dues.
  • Article: Dynamic CVV on Mobile App | Safecypher, An Post, Mastercard | Page 12
    • Safecypher adds a passive 3-digit dynamic CVV to mobile banking apps without requiring cardholders to get a new card.
  • Article: Visa Adds BNPL Cards | Visa, Klarna, Zilch, Affirm, Worldpay | Page 10
    • New cards from Klarna and Zilch will initiate a massive volume of BNPL transactions directly over the Visa network.
  • Data Table: Commercial Bank Credit Cards in Canada | Page 14
    • Small business credit cards dominated the Canadian commercial card market, accounting for XX.X% of total volume.
  • Data Table: Third 50 Largest US Credit Card Issuers—2024 | Page 11
    • The 101st to 150th largest US Visa and Mastercard credit card issuers are ranked by their outstanding receivables.
  • First Look: Klarna Gift Card Store via Blackhawk Network | Klarna, Blackhawk Network | Page 3
    • Klarna has partnered with Blackhawk Network to launch a UK Gift Card Store, enabling customers to buy digital prepaid cards from top brands using Klarna’s BNPL and instant debit payment options.
  • First Look: Pivot Payables Virtual Card Scenarios | Pivot Payables, Amazon Business | Page 3
    • Pivot Payables made its PivotLynx accounting automation app available in the Amazon Business App Center, allowing businesses with commercial card programs to assign specific purchase scenarios to virtual cards.
  • First Look: Mastercard and PayPal One Credential | Mastercard, PayPal | Page 3
    • Mastercard has added PayPal as a partner in the global rollout of Mastercard One Credential, a solution that allows consumers to use a single credential to enable multiple payment methods and flexible preferences.
Issue 1286
  • Article: PayPal Offers Wallet Holders Stablecoin Rewards | PayPal, Paxos Trust | Page 10
    • PayPal pushes its PYUSD stablecoin by allowing 60 million active US users to fund purchases with crypto.
  • Article: Financial Technology Association Joins CFPB Case | Financial Technology Association, CFPB | Page 9
    • The FTA steps into the CFPB open banking lawsuit to defend consumer rights and challenge shifting regulatory priorities.
  • Article: Ramp Adds Stablecoins for Visa Corporate Cards | Ramp, Stripe, Visa | Page 8
    • Ramp and Stripe partner to let businesses easily handle cross-border payments using US dollar-backed stablecoins.
  • Data Table: US Card Spending at Merchants—2024 | Page 5
    • The 100 largest issuers of credit, debit, and prepaid cards drove $X.XXX trillion in purchase volume.
  • First Look: DCS Card Centre Flex Visa Platinum | DCS Card Centre, Sphere, Visa | Page 3
    • DCS Card Centre, formerly Diners Club Singapore, will offer its Flex Visa Platinum cardholders the opportunity to earn and redeem carbon credits to offset carbon emissions via a partnership with Sphere.
  • First Look: MuchBetter Corporate Mastercard | MuchBetter, Mastercard, NatWest | Page 3
    • Fintech MuchBetter launched a Mastercard-branded Corporate Card issued by NatWest, giving companies the ability to issue virtual cards in seconds with customized spending limits.
Issue 1285
  • Article: Mastercard and Corpay Cross-Border Payments | Mastercard, Corpay | Page 14
    • Mastercard invests $300 million in Corpay to supercharge its high-value cross-border business payments.
  • Article: Discover Transit Payments | Discover | Page 10
    • Discover enables white-label open-loop contactless transit payments in cities across the US, Poland, Spain and Taiwan.
  • Article: Sustainable Prepaid Cards | Blackhawk Network, Monadnock Paper Mills, Mastercard | Page 12
    • Blackhawk Network shifts to fiber-based substrates, replacing virgin PVC plastic for over 75% of its prepaid cards.
  • Article: Infrastructure Support for Stablecoin-Backed Cards | Rain, Visa, Norwest Partners | Page 11
    • Rain utilizes smart contracts to become the first card issuer in the Visa system to settle merchant obligations 24/7.
  • Data Table: US Issuers of Commercial Debit and Credit Cards—2024 | Page 5
    • Commercial card transactions surged past X.XX billion, led overwhelmingly by the massive growth in prepaid cards.
  • First Look: Yondr Money Mastercard Issuing Deal | Yondr Money, Mastercard, Kobble | Page 3
    • Yondr Money, an Australia-based banking-as-a-service platform provider, has signed an exclusive principal issuing deal with Mastercard to deliver debit and prepaid cards as a service via its Kobble platform.
  • First Look: CIBC Adapta Mastercard Credit Card | CIBC, Mastercard | Page 3
    • CIBC has launched the no-annual-fee Adapta Mastercard credit card, which automatically provides cardholders with 50% additional rewards points on their top three spend categories each month.
  • First Look: CPI Acquires Arroweye Solutions | CPI Card Group, Arroweye Solutions | Page 3
    • CPI, the largest US-based payment card manufacturer, has acquired Arroweye Solutions for $45.6 million to enhance its rapid-turnaround personalization and instant issuance capabilities, including digital cards.
  • First Look: Cardlay Joins Visa Ready Partner Program | Cardlay, Visa | Page 3
    • Cardlay integrated its spend management module with Visa to enable fleet operators to consolidate all fuel and non-fuel related payments onto a single commercial card.
  • First Look: FIS Premium Payback for Bilt Mastercard | FIS, Bilt Rewards, Mastercard | Page 4
    • FIS’s Premium Payback real-time pay with points service will be rolled out to Bilt’s Mastercard cardholders, allowing them to use rewards to save money when shopping.
Issue 1284
  • Article: Capital One and Discover Merger Update | Capital One, Discover | Page 14
    • The expanded Capital One will rank as the largest credit card issuer in the US when measuring outstanding receivables.
  • Article: Cold Storage Wallet for Stablecoins Adds Card Payments | Stellar, CompoSecure, Visa, Mastercard | Page 12
    • Stellar grants CompoSecure funds to enable decentralized crypto asset payments over the Visa and Mastercard networks.
  • Article: ICBA Payments and Mastercard Partnership | ICBA Payments, Mastercard, TCM Bank | Page 13
    • ICBA renewed its exclusive network agreement with Mastercard, allowing community banks to easily upgrade their card offerings.
  • Data Table: The 50 Largest US Debit Card Issuers—2024 | Page 5
    • The top 50 US debit card issuers produced XX.XX billion transactions, issuing over XXX million cards.
  • First Look: Idemia Secure Transactions Token Platform | Idemia Secure Transactions, Napas | Page 3
    • Idemia Secure Transactions will integrate its token platform with the domestic network of the National Payment Corporation of Vietnam (Napas), enabling card issuers and digital wallet providers to implement tokenization via APIs.
  • First Look: Wex Extends Circle K Commercial Fuel Card Partnership | Wex, Circle K | Page 3
    • Wex signed a multiyear extension of its commercial fuel card partnership with Circle K, which includes the development of custom software for commercial fleets.
  • First Look: Stride Bank Issues Affirm Visa Debit Card | Stride Bank, Affirm, Evolve Bank & Trust, Visa | Page 4
    • Stride Bank has become a card issuing partner for the Affirm Visa debit card, joining Evolve Bank & Trust to support BNPL payment offerings for consumers.
  • First Look: CPI Card Web Push Provisioning | CPI Card Group | Page 4
    • CPI Card offers Web Push Provisioning to card issuers, allowing cardholders to instantly add payment credentials to digital wallets directly from an issuer’s website.
  • First Look: i2c Debit Card Issuance for Finastra | i2c, Finastra | Page 4
    • i2c is offering debit card issuance processing services and digital wallet support to North America-based bank and credit union clients of financial services software provider Finastra.
Issue 1283
  • Article: Card-Present Transactions for Online Merchants | Burbank | Page 10
    • Burbank software adds a PIN pad to a buyer’s phone to instantly convert online payments to card-present transactions.
  • Article: Dynamic CVV Module | Ellipse | Page 9
    • Ellipse brings its dynamic 3-digit CVV screen modules to US cards to block data breach fraud.
  • Article: Entrust’s NFC IPhone Wallets | Entrust, Apple, Visa, Mastercard | Page 8
    • As the EU forces Apple to open up iPhone NFC capabilities, Entrust enables banks to launch issuer-branded Apple Pay competitors.
  • Data Table: Second 50 US Mastercard and Visa Credit Card Issuers—2024 | Page 11
    • The 51st to 100th largest Visa and Mastercard credit card issuers collectively owned $XX.XX billion in outstandings.
  • Data Table: Global Brand Cards in Latin America and the Caribbean—2024 | Page 5
    • Latin America’s general purpose brand cards generated an astonishing $X.XXX trillion in purchase volume.
  • First Look: Zinia Amazon Co-Branded Visa Credit Card | Zinia, Santander, Amazon, Visa | Page 3
    • Santander’s Zinia launched a Visa-branded credit card for Amazon.de customers that tracks rewards and spending through a dedicated Amazon Visa app.
  • First Look: Al Etihad Payments UnionPay Co-Branded Cards | Al Etihad Payments, UnionPay | Page 3
    • Al Etihad Payments signed an agreement with UnionPay for multiple UAE financial institutions to issue co-branded cards on the domestic Jaywan network and UnionPay International.
  • First Look: LoanPro and NovoPayment Credit Platform Integration | LoanPro, NovoPayment | Page 3
    • LoanPro integrated its transaction-level credit platform with digital banking processor NovoPayment, giving lenders in Latin America the ability to establish repayment terms, interest rates and fees at the individual account level.
  • First Look: Visa Tap to Add Card in Ukraine | Visa | Page 3
    • Visa launched Tap to Add Card in Ukraine, allowing cardholders to securely add Visa contactless cards to digital wallets by tapping their mobile device to generate a one-time code.
  • First Look: PointsKash Discover Prepaid Cards | PointsKash, Discover | Page 3
    • PointsKash will offer its underbanked customers the opportunity to redeem accrued loyalty points directly for Discover prepaid cards at KashPoint ATMs and kiosks.
  • First Look: Everee Expedite Visa Pay Card | Everee, Dlivrd, The Bancorp Bank, Visa | Page 4
    • Everee partnered with Dlivrd to launch the Expedite Visa Pay Card, a debit card issued by The Bancorp Bank to provide daily payouts to 1099 contractors and delivery drivers.
  • First Look: CFPB Credit Card Late Fee Cap Overturned | U.S. District Court, CFPB, U.S. Chamber of Commerce | Page 4
    • A U.S. District Court judge ruled that the CFPB violated the Credit Card Accountability and Disclosure Act of 2009 when it instituted an $8 cap on the late fees credit card issuers can charge consumers.
  • First Look: FIS Acquires Tsys Card Processing Business | FIS, Global Payments, Tsys, GTCR | Page 4
    • In a massive realignment of payment processing assets, FIS will pay $13.50 billion to acquire Tsys, the card account processing business currently owned by Global Payments.
  • First Look: Wex Extends Circle K Commercial Fuel Card Partnership | Wex, Circle K | Page 4
    • Wex signed a multiyear extension of its commercial fuel card partnership with Circle K, which includes the development of custom software for commercial fleets.
Issue 1282
  • Article: Emburse Corporate Cards | Emburse, American Express, Mastercard, Visa, Silicon Valley Bank | Page 14
    • Emburse’s corporate card program handled $625 million in spend, offering seamless T&E expense management software.
  • Article: Mastercard One Credential | Mastercard, Wio Bank | Page 13
    • Mastercard allows Gen Z buyers to dynamically switch payment preferences—credit, debit, or BNPL—on a single card.
  • Article: Token.io Uses API Connectivity for A2A Payments | Token.io | Page 12
    • Token.io handled 62 million A2A transactions across Europe using a single open banking API.
  • First Look: U.S. Bank Shield Visa Credit Card | U.S. Bank, Visa | Page 4
    • U.S. Bank has launched the transparent U.S. Bank Shield Visa credit card, featuring 0% financing on purchases and balance transfers for the first 24 billing cycles.
Issue 1281
  • Article: Travel Loyalty Management for Cardholders from Odynn | Odynn | Page 14
    • Odynn has built a dynamic travel portal that card issuers can offer on a white-label basis to optimize redemptions.
  • Article: Virtual Cards for Accounts Payable B2B Transactions | Conferma, Mastercard, Visa, American Express | Page 13
    • Conferma issues over 630,000 virtual B2B cards every week to streamline procurement and ERP payments.
  • Article: CFPB Actions Updated | CFPB | Page 11
    • The new US administration dials back the CFPB’s oversight, dismissing lawsuits against major Zelle network banks.
  • Article: Bitcoin Rewards Visa Credit and Debit Cards | Fold, Visa, Sutton Bank | Page 10
    • Over 75,000 cardholders are already using Fold Visa debit cards to earn Bitcoin back on everyday purchases.
  • Data Table: Canada Card Issuers and Networks 2024 | Page 5
    • Canada’s top networks drove $XXX.XX billion in volume, with Visa surging into second place behind Interac.
  • First Look: BMO VIPorter Mastercard | BMO, Porter Airlines, Mastercard | Page 3
    • BMO has partnered with Porter Airlines and Mastercard to introduce the BMO VIPorter Mastercard with travel benefits for Canadians.
  • First Look: Rivero Dispute Management Platform | Rivero, Six | Page 3
    • Rivero will provide its Amiko fraud recovery and dispute management platform to 100 debit card customers of financial market infrastructure provider Six in Switzerland to help chargeback agents and analysts work on cases more efficiently.
  • First Look: Fasten Rewards Visa Credit Cards | Fasten Rewards, Highnote, Celtic Bank, Visa | Page 4
    • Fasten Rewards will market Visa revolving credit cards to drivers and dealerships utilizing Highnote’s API-based card management platform and Celtic Bank as the issuer.
Issue 1280
  • Article: Highnote Adds Acquiring | Highnote, Sutton, Celtic, Cross River, FinWise, Veritex Community Bank | Page 12
    • Highnote leverages its integrated multicurrency general ledger to give fintechs the massive financial benefit of on-us acquiring.
  • Data Table: Top 50 US Visa and Mastercard Credit Card Issuers – 2024 | Page 9
    • Outstanding receivables for the top 50 Visa and Mastercard credit card issuers grew 6.2% to hit $XXX.XX billion.
  • Data Table: Largest US Issuers of General Purpose Credit Cards | Page 5
    • The 10 largest US credit card issuers accounted for $X.XXX trillion—a massive XX.XX% of the industry total.
  • First Look: InComm Payments Give Hope Prepaid Cards | InComm Payments, Mastercard, American Red Cross, Sutton Bank | Page 3
    • InComm Payments introduced Mastercard Give Hope prepaid cards, issued by Sutton Bank, which trigger a $2 donation to the American Red Cross upon purchase.
  • First Look: Kona I Biometric Payment Cards | Kona I, Mastercard, Idex Biometrics | Page 4
    • South Korea-based Kona I received a Letter of Approval from Mastercard for biometric PVC plastic payment cards built on the Idex Pay platform, boasting an annual production capacity of over 60 million cards.
  • First Look: Car IQ Cardless Fleet Payments | Car IQ, Visa | Page 4
    • Car IQ collaborated with Visa to detail how switching to a vehicle-based payment credential for cardless fleet payments can improve payment security and efficiency.
  • First Look: TransUnion Kenya and Fico Risk Services | TransUnion Kenya, Fico | Page 4
    • TransUnion Kenya teamed with Fico to create new risk services and a localized Fico score designed to broaden access to credit and enable lenders to extend financial services to more consumers.
Issue 1279
  • Article: Smartphone-Based Enrollment for Biometric Cards | Idemia | Page 9
    • Idemia empowers cardholders to securely enroll their fingerprints on biometric payment cards using their own smartphones.
  • Data Table: Visa and Mastercard Cards in the US — 2024 | Page 11
    • Visa and Mastercard outstanding receivables crossed $X.XXX trillion as US purchase volume surged by 6.3%.
  • Data Table: Global Network Card Brands US — 2024 | Page 5
    • US purchase volume for the four global card networks exploded from $X.XXX trillion twenty years ago to $XX.XXX trillion today!
  • First Look: Peach Finance Powers Square Credit Card | Peach Finance, Square | Page 3
    • Loan management platform Peach Finance will power Square’s credit card product, utilizing its ledger to handle grace periods and interest forgiveness.
  • First Look: Checkbook Global Push-to-Card | Checkbook, Visa | Page 3
    • Checkbook has expanded its Global Push-to-Card feature to give businesses the ability to deposit funds via Visa Direct, reaching bank accounts linked to over 4 billion debit cards in real time.
  • First Look: Infineon and Fingerprint Cards Biometric Card | Infineon Technologies, Fingerprint Cards, Visa | Page 3
    • Infineon Technologies partnered with Fingerprint Cards to create the Secora Pay Bio biometric contactless payment card, which was recently certified by Visa.
  • First Look: AMP Bank Numberless Mastercard Debit Cards | AMP Bank, Mastercard | Page 3
    • AMP Bank, a mobile-first digital bank, will provide its micro and small business customers with Australia’s first Mastercard debit cards without any visible identifying numbers to fight fraud and scams.
Issue 1278
  • Article: Trade Groups Sue the CFPB | CFPB, TechNet, NetChoice, Apple, Block, Google, Visa, Alibaba, Amazon, eBay, PayPal | Page 14
    • Tech giants strike back as trade groups sue to block the CFPB’s oversight of digital wallets and payment apps.
  • Article: Merrick Bank to Acquire Ally Financial’s Credit Cards | Merrick Bank, Ally Financial, CardWorks | Page 14
    • CardWorks subsidiary Merrick Bank snaps up Ally Financial’s near-prime $2.29-billion credit card portfolio.
  • Article: Discover Financial Services Results—2024 | Discover, Capital One | Page 6
    • Discover brand credit card volume hits $224.58 billion as the network moves closer to its massive Capital One merger.
  • Data Table: Mastercard and Visa Worldwide thru 3Q 2024 | Page 12
    • Visa and Mastercard debit and credit cards hit incredible new highs for purchase volume worldwide.
  • Data Table: Market Cap Performance for Card Issuers and Networks | Page 7
    • Discover’s market cap was up XX.XX%, fueled entirely by its pending acquisition by Capital One.
  • Data Table: Payment Cards Projected Worldwide 2024—2029 | Page 5
    • General purpose and private label cards in circulation will skyrocket to XX.XX billion globally by 2029.
  • First Look: ISX Financial Launches Flykk Debit Card | ISX Financial, Diners Club International | Page 3
    • ISX Financial launched a debit card in partnership with Diners Club International that carries the brand of its proprietary digital payment app, Flykk.
  • First Look: Synchrony Extends Sam’s Club Partnership | Synchrony, Sam’s Club, Mastercard | Page 3
    • Synchrony has signed a multiyear extension of its 30-year relationship with Sam’s Club to continue issuing private label and Mastercard brand consumer, business and commercial credit cards.
  • First Look: Ramp Treasury Launch | Ramp, Sutton Bank, Celtic Bank, Visa | Page 3
    • Ramp, provider of Visa commercial and corporate cards issued by Sutton Bank and Celtic Bank, introduced Ramp Treasury to enable businesses to hold cash in yield-earning accounts.
  • First Look: Self Financial Secured Visa Credit Card | Self Financial, Lead Bank, Century Bank, South State Bank, Sunrise Banks, Visa | Page 4
    • Self Financial launched a secured Visa credit card requiring a $100 minimum deposit, issued by four partner banks to help consumers build credit histories without a hard pull.
  • First Look: Garanti BBVA Launches Tami Platform | Garanti BBVA, Tami | Page 4
    • Garanti BBVA launched a new platform called Tami to handle products including multibank POS systems and prepaid cards intended for demographics outside the traditional banking system.
  • First Look: TD Bank Digital Credit Card Experience | TD Bank, Backbase | Page 4
    • TD Bank will use the Engagement Banking Platform of Backbase to improve the digital experience, including onboarding and lending, for its retail credit card partners.

Explore Payment Card Issuing by Topic

Navigate the key segments shaping the global card issuing ecosystem from issuer rankings and market size to fraud, innovation, and emerging payment models.

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Card issuing sits at the center of the global payments economy.

From consumer credit cards to commercial and virtual card programs, issuers control:

  • Transaction authorization and routing
  • Credit exposure and receivables
  • Customer relationships and spend behavior

The scale is enormous:

  • Global card purchase volume reached $17.136 trillion in just 9 months (in 2025)
  • Payment cards in circulation are projected to hit 32.62 billion worldwide by 2030

Understanding who controls this ecosystem and how it’s evolving is critical for banks, fintechs, networks, and investors.

The U.S. remains the most competitive issuing market globally, dominated by a small group of large financial institutions.

  • The Top 50 U.S. Mastercard and Visa credit card issuers hold over $1.023 trillion in receivables
  • The Top 10 issuers alone control more than 82% of industry outstandings

Globally:

  • The 150 largest credit card issuers generated $13.124 trillion in purchase volume

These rankings are derived from recent direct surveys of financial institutions and represent one of the most complete datasets available in the industry.

Across all regions, card issuing continues to expand in both volume and complexity.

Key trends:

  • US.-issued Mastercard and Visa cards generated $9.986 trillion in purchase volume
  • Latin America reached 1.54 billion cards in circulation, producing $1.771 trillion in volume
  • Asia-Pacific issuers drove $9.705 trillion in purchase volume across leading institutions

Growth is being fueled by:

  • Digital wallet adoption
  • Expansion of commercial card programs
  • Emerging market penetration
  • New credit models and underwriting technologies

One of the fastest-growing high-value growth segments in issuing is commercial and virtual card adoption.

Examples from the past year:

  • Corporate travel and UATP billing programs expanding across Europe
  • Virtual card issuance for accounts payable and expense management
  • Embedded finance platforms enabling white-label card programs

Commercial cards alone generated:

  • $2.230 trillion in U.S. purchase volume

The shift toward:

  • API-driven issuing
  • Real-time controls
  • Integrated expense platforms

…is redefining how businesses use cards as a financial tool.

The definition of “card issuing” is expanding.

Recent developments include:

  • Buy Now, Pay Later functionality integrated directly into debit and credit cards
  • Cards that automatically split purchases into installments
  • Wallet-native issuing tied to Apple Pay and Google Wallet

Issuers are no longer just extending credit they are:

  • Embedding financing into transactions
  • Competing with fintech-native lending models
  • Leveraging real-time underwriting and AI-driven decisioning

The past year highlights several structural shifts:

1. AI and Agentic Commerce

  • Payment credentials being used by autonomous AI agents
  • Tokenized transactions without human interaction

2. Stablecoins and Digital Currency Integration

  • Card programs linked to crypto wallets
  • Stablecoin settlement for card transactions

3. Tokenization and Security

  • Dynamic CVV technology
  • Biometric cards
  • Fraud detection automation

4. Embedded and White-Label Issuing

  • Fintech platforms launching branded card programs
  • Banks powering issuing infrastructure behind the scenes

Expertise

Payment Card Issuing Data, Rankings & Industry Insights

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Nilson Report

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May 2026
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