Nilson Report

THE CURRENT ISSUE: Issue 1204 | Sep 2021


Companies featured in this issue include:

Latin America’s 45 Largest Acquirers

Mollie Gets $800 million to Expand Beyond Europe

TPay Mobile in the Middle East, Africa and Turkey

I2c Processing for Visa Buy Now, Pay Later

Prepaid Cards in the U.S.—2020

Store Cards in the U.S.—2020

U.S. Mastercard/Visa Credit Card Issuers—Midyear 2021

U.S. General Purpose Credit Card Issuers at Midyear

Arkose Labs Guarantees Against Credential Stuffing

Top 7 Acquirers in Latin America—2020 vs. 2019

Top 10 General Purpose Card Acquirers in Latin America

Top 45 Visa and Mastercard Merchant Acquirers in Latin America

Top 25 U.S. Issuers of Prepaid Cards—Ranked by Purchase Volume

Store Credit Card Spending in the U.S. 1992–2020

U.S. Store Credit Cards—2020 with change vs. 2019

Top 10 Issuers of Visa and Mastercard Credit Cards in the U.S. at Midyear 2021

Top 100 U.S. Visa and Mastercard Credit Card Issuers—Purchase Volume and Total Volume Midyear 2021

Top 100 U.S. Visa and Mastercard Credit Card Issuers—Outstandings and Cards Midyear 2021

Top Issuers of General Purpose Credit Cards in the U.S.—Ranked by Purchase Volume and Outstandings

Publicly Trade Companies in Payments

Top Issuers of General Purpose Credit Cards in the U.S.—Ranked by Purchase Volume and Outstandings

On page 14 we rank the 12 largest U.S. credit card issuers at midyear 2021 based on purchase volume and outstanding receivables. The five largest based on purchase volume are listed below.

1. Chase
$432.27 billion purchase volume, +24.3%
2. American Express
$397.35 billion purchase volume, +20.7%
3. Citi
$219.70 billion purchase volume, +18.6%
4. Capital One
$204.62 billion purchase volume, +27.8%
5. Bank of America
$190.12 billion purchase volume, +17.7%

Full access to the Top Issuers of General Purpose Credit Cards in the U.S.—Ranked by Purchase Volume and Outstandings is available when you subscribe to the Nilson Report.



Criminals commit credential stuffing attacks by using huge databases of compromised personal information and passwords obtained in data breaches to gain access to existing accounts. Credential stuffing is more prominent than ever. As fraud fighting teams learn how to detect and block these attacks, cyberattack campaigns have become increasingly sophisticated. Criminals now use AI to mimic human data entry and have increased attack volumes, sometimes to hundreds of sites simultaneously, to improve the return on investment (ROI) in hardware and stolen data. They invest some of their profits in new tools that fight detection.

Arkose Labs, a U.S.-based fraud fighting platform provider, says that attacking the criminal’s ROI is the best approach to thwarting credential stuffing fraud. 

The company does this by introducing interactive challenges to waste a hacker’s time and resources in addition to deploying the typical detecting and blocking mechanisms. Arkose says it has wasted more than 40 million hours of criminal time by introducing these countermeasures. 

After analyzing years of data, the company’s platform is now so effective against credential stuffing attacks that Arkose can offer merchants, card issuers and other clients a $1-million guarantee against those attacks. So far, the guarantee has not needed to be paid. 

The effort at frustrating criminals should not slow down or stop legitimate users from accessing or creating new accounts. Arkose uses a strategy called “adaptive friction” to separate criminals and bots from legitimate users. Things that might trigger further inquiry from Arkose include a mismatch between the criminal’s device language, time zone or capabilities, and those of an expected user. 

Arkose claims 20 patents for its underlying technology. The company’s service is available worldwide on a software-as-a-service basis. It charges users a licensing fee and a per-request fee. It also offers consulting and professional services.

Arkose Labs clients include Microsoft, Blackhawk Network and PayPal. Microsoft and PayPal are also investors.

Interviewed for this article

Kevin Gosschalk is CEO at Arkose Labs in San Francisco, California,,

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