Nilson Report

THE CURRENT ISSUE: Issue 1186 | Nov 2020


Companies featured in this issue include:

Largest Credit Card Portfolios Worldwide

Market Shares of Top Issuing Countries Ranked by Outstandings in 2019

Ten-Year Change in Market Shares for the U.S. vs. China

Largest Credit Card Portfolios Worldwide

Latin America´s Top 10 Mastercard and Visa Issuers
2009 vs. 2019

Top General Purpose Card Issuers in Latin America

Top Credit Card Issuers in Latin America

Top Debit Card Issuers in Latin America

Visa and Mastercard Commercial Credit Cards in Canada

Small Business Credit Cards in Canada

Corporate Cards in Canada

Purchasing and Fleet Cards in Canada

Investments & Acquisitions—October 2020

Top Credit Card Issuers in Latin America

The 50 largest issuers of credit cards in Latin America at year-end 2019 based on purchase volume (spending for goods and services) are ranked on page 10. The 5 largest are shown below.

1. Itau Unibanco, Brazil
$100.96 billion purchase volume
2. Banco Bradesco, Brazil
$49.95 billion purchase volume
3. Banco Santander, Brazil
$40.92 billion purchase volume
4. Banco do Brasil, Brazil
$38.54 billion purchase volume
5. BBVA, Mexico
$17.16 billion purchase volume

Full access to the Top Credit Card Issuers results in Latin America is available when you subscribe to the Nilson Report.



Delivering cash back to consumers immediately after they make a purchase at a merchant is the core component of the business model of Dosh, which sits in the middle between merchants and consumers using credit and debit cards. The company, which has signed over 200 Tier I and Tier II merchants to its platform, says attractive cash-back offers are made when merchants know they are acquiring a new customer or if a regular customer increases the frequency of visits and/or the monetary value of their visits. Dosh says it provides merchants the traceable evidence of this incremental revenue increase. 

Cardholders enroll in Dosh through a mobile app that takes their card account data one time for all future use. When they spend at a Dosh merchant, cash back is immediately added to their Dosh wallet and they are notified on their smartphone within seconds. The immediacy of the notification is key to continued consumer usage. By comparison, other card-linked offers in the market require the cardholder to take several steps to realize the benefit.

Cardholders are made aware of merchants connected to Dosh via the Dosh app, push notifications, email, and social media. Dosh uses predictive-behavior technology to present cash-back offers. For merchants, those offers are a replacement for the current practice of spending for brand awareness via digital advertising. However, unlike ads on Facebook or Google, Dosh merchants don’t pay anything unless the cardholder makes a purchase. 

The Dosh platform was built for Tier 1 and Tier II merchants. However, Tier III merchants can present offers through the Dosh Local platform, which is designed for smaller merchants. 

PayPal Ventures was an early investor in Dosh, which has received a total of $87 million in equity and debt financing since 2016. Venmo, a unit of PayPal, deployed the Dosh SDK and used the platform to successfully convert inactive debit card customers to active customers. Dosh does not hold any cardholder data. That card account vault service is handled by Braintree, which is also a unit of PayPal.

Dosh is directly integrated into the Visa, Mastercard, and American Express authorization switches. When transactions are approved, Dosh knows to put the cash-back amount immediately into the cardholder’s Dosh wallet. Cardholders can transfer that money to their PayPal or Venmo account or a bank deposit account. 

Dosh provided its SDK earlier this year to several neobanks. So far, 8 neobanks, card issuers and other financial institutions with a total of 20 million U.S. cardholders have contracted to integrate Dosh into their mobile banking and web services. The company believes as many as 200 million cards in the U.S. could have access to Dosh by the end of 2022. 

Cardholders can enroll without the participation of their card issuers, although issuers can integrate with Dosh, and their portfolios will be automatically enrolled. Implementing the Dosh SDK takes a few weeks. 

Dosh can supplement or replace existing card-linked programs. Those programs are typically financed by interchange paid by merchants. The Dosh instant cash-back platform is completely financed by merchants through transaction-based advertising, which lets card issuers retain more of the interchange revenue. 

Interviewed for this article

Ryan Wuerch is Chief Executive Officer at Dosh in Austin, Texas,,

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