Court filing
RJN 20 — In re Bank of America California Unemployment Benefits Litigation (Dkt. 590-22, S.D. Cal. No. 3:21-md-02992)
Filed October 17, 2025 in In re Bank of America California Unemployment Benefits Litigation; one of 1415 filings from this case.
Record facts
| Court | U.S. District Court for the Southern District of California |
|---|---|
| Filed | 2025-10-17 |
U.S. District Court for the Southern District of California · No. 3:21-md-02992-GPC-MSB · Doc. 590-22 · 2025-10-17 · Docket on CourtListener
Full text
RJN 20
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40553
Page 1 of 17
ARTICLES IN THIS ISSUE
p4 Card Fraud Losses Worldwide
p7 Purewrist Wearables for
Contactless Payments
p8 Global GP Cards at Midyear
p9 PNC to Acquire BBVA Payment
Card Assets
p9 Top 150 Debit Card Issuers
Worldwide
p11 Krowd’s Marketplace for
Card-Linked Offers
p12 Payment Card Shipments
by Manufacturer
p14 Cryptocurrency Cards Use i2c
ISSUE 1187
DECEMBER 2020
FOR 50 YEARS, THE LEADING PUBLICATION COVERING PAYMENT SYSTEMS WORLDWIDE
Card Fraud Worldwide
Card-based payment systems worldwide generated gross fraud losses of $28.65 billion in 2019,
amounting to 6.8¢ for every $100 of total volume.
Read full article on page 4
© 2020 Nilson Report
2013
2015
2017
2019
2021
2023
2025
2027
CARD FRAUD IN BILLIONS
CARD FRAUD IN CENTS PER $100 OF TOTAL VOLUME
5.5¢
7.0¢
7.0¢
6.8¢
7.1¢
6.5¢
6.3¢
6.1¢
$38.50
$35.31
$32.96
$32.04
$28.65
$23.97
$21.84
$13.70
NILSON
REPORT
➔
■
■
✓~·,.__ ............ _... .............. _ .. ,_ •.
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40554
Page 2 of 17
COVER STORY
Card Fraud Losses Worldwide
Card issuers, merchants and acquirers experienced gross fraud losses of $28.65
billion, an increase of 2.9% from $27.85 billion in 2018.
p4
Purewrist Wearables for Contactless
Payments
Bracelets are available for sale in the U.S., and Purewrist plans to expand
into South America, followed by the Middle East and Asia.
p7
Global General Purpose Cards at Midyear
Purchase volume for the first six months of 2020 amounted to $13.512 trillion,
down 3.8% versus the same period in 2019.
p8
Top 150 Debit Card
Issuers Worldwide
Purchase volume totaling $10.476 trillion was
up 3.5% from $10.123 trillion in 2018.
p9
Krowd’s Marketplace
for Card Offers
The company claims its prediction
algorithms are 50% more effective than
those of its competitors.
p11
Payment Cards
Shipped in 2019
There were 3.43 billion credit, debit and
prepaid payment cards shipped by the top
six manufacturers worldwide in 2019.
p12
Cryptocurrency Cards
Use i2c Processing
Four of the largest companies linking crypto-
currencies to real-world spending via Visa and
Mastercard networks are clients of i2c.
p14
REGULAR FEATURES
p3 First Look
p15 Management Changes
FEATURED IN OUR UPCOMING ISSUE
Consumer Payment Systems
in the U.S.
In our annual report we break down personal consumption
expenditures into all card-based (credit, debit, prepaid, EBT),
paper-based (cash, checks, money orders, official checks) and
digital-based (preauthorized and remote) payment instruments for
calendar year 2019. We also provide a 5-year projection.
CONTENTS
PNC to Acquire BBVA Payment
Card Assets
The acquisition will create the fifth largest bank holding
company in the U.S.
p9
PHOTO CREDITS: Cover and back page Coline Beulin on Unsplash; p2 21-3018 (top) and Echo Grid (bottom) on Unsplash;
p4 Michal Kubalczyk on Unsplash; p11 Drahomir Posteby Mach on Unsplash
Calculated at 6.78¢ for every $100
in total volume, fraud losses in 2019
were down from 6.86¢ per $100 for
the previous year
The expanded PNC
will have
12.3 mil. debit cards
N.
-
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40555
Page 3 of 17
First Look
FISERV enables payments at ExxonMobil
locations from consumers who use the
Google Pay app, either by scanning a QR
code on the pump or by activating the
pump from within the Google Pay app on
iOS or Android devices.
Josh Woodward is Director at Google Pay,
joshwoodward@google.com, www.google.com.
Nandan Sheth is Head of Global Digital Commerce at
Fiserv, nandan.sheth@fiserv.com, www.fiserv.com.
XOOM, PayPal’s remittance service,
offers customers in the U.S. the ability
to send money directly to a recipient’s
eligible bank account or debit card
online or through Xoom’s mobile app.
Recipients can receive funds without
needing to sign up for an account with
Xoom or PayPal or fill out any forms.
Julian King is VP and General Manager at Xoom,
julian.king@paypal.com, www.xoom.com.
PAYONEER’S payment orchestration
platform is available to ecommerce
merchants in North America that want
to accept international payments. The
platform serves as a technical layer that
provides the merchant with a single
integration connecting them to more
than 100 payment providers, payment
methods and risk providers.
Keren Levy is COO, kerenle@payoneer.com,
www.payoneer.com.
INCOMM PAYMENTS has partnered
with Mastercard to launch
mastercardgiftcard.com, a website that
exclusively sells Mastercard prepaid
cards and distributes them by email and
mail. Cards can be added to Apple Pay,
Google Pay and Samsung Pay wallets.
John Levitsky is EVP Account Management at
Mastercard, john_levitsky@mastercard.com,
www.mastercard.com. Adam Brault is SVP of
Financial Services at InComm Payments,
abrault@incomm.com, www.incomm.com.
News in brief on payment industry trends around the world.
TD, Canada’s largest credit card issuer,
has upgraded its TD Aeroplan Visa credit
card portfolio. Current TD Aeroplan
Visa cardholders will automatically get
access to the updated card benefits and
Aeroplan program.
Katy Boshart is SVP, Canadian Credit Cards at TD,
katy.boshart@td.com, www.td.com.
PAYMENT ALLIANCE INTERNATIONAL
will offer Bitcoin-to-cash capabilities at
over 95,000 ATMs through a partnership
with B4U Financial. Authorization,
clearing and settlement will be handled
by B4U.
David Dove is CEO at PAI, david.dove@gopai.com,
www.gopai.com. T. Jack Williams is CEO at B4U
Financial, jack.williams@b4ufinancial.com,
www.b4ufinancial.com.
OP FINANCIAL GROUP in Finland and
TietoEvry, supplier of Visa and
Mastercard cards to OP Bank as well as
related personalization services, have
agreed to cooperate on a biometric
payment card pilot. Tag Systems and
Zwipe are partners.
Jarmo Rouhiainen is Head of Card Production and
Personalization at TietoEvry, jarmo.rouhiainen@
tietoevry.com, www.tietoevry.com. Teemu Korte
is Head of Payment Cards at OP Financial,
teemu.korte@op.fi, www.op.fi.
CITI has selected Mastercard as its
network partner for the Citi Plex Account
on Google Pay, a digital checking and
savings account to be launched in 2021.
Citi Plex Account customers will receive
an automatically provisioned instant
digital debit Mastercard card. An optional
contactless-enabled physical debit
Mastercard will be available.
Alpesh Chokshi is Head of Business Development
at Citi’s Global Consumer Bank, alpesh.chokshi@
citi.com, www.citi.com. Meredith Spatz is EVP,
North America at Mastercard, meredith.spatz@
mastercard.com, www.mastercard.com.
ABU DHABI ISLAMIC BANK in the United
Arab Emirates has opened 15,000 NFC-
enabled POS terminals to UnionPay card
and contactless payment transactions.
Kutbuddin Gheewala is Head of Operations—
Merchant Acquiring at ADIB, kutbuddin.gheewala@
adib.ae, www.adib.ae.
XTM, a Toronto-based fintech that
provides mobile banking, has launched
an unsecured Visa credit card program
called the Vert Card. Younger adults can
use the card to establish credit. Vert Card
also offers any adult the opportunity to
reestablish or repair their credit. Credit
limits range from $250 to $500.
Marilyn Schaffer is CEO at XTM, mschaffer@
xtminc.com, www.xtminc.com.
SEON’S fraud prevention tool will be
used to help identify users who attempt
to open multiple accounts on Unikrn’s
bookmaking platform.
Tames Kadar is CEO at Seon, tomkadar@seon.io,
www.seon.io.
KLARNA, a buy now, pay later provider,
has expanded its in-store payment
services to more than 60,000 U.S.
locations. Brands include H&M, The
North Face and Timberland. To pay
in physical stores, customers use the
Klarna app to create a one-time virtual
card that gets added to their digital
wallet. They then use their mobile device
to make a contactless payment.
David Sykes is Head of U.S. at Klarna, david.sykes@
klarna.com, www.klarna.com.
P97 NETWORKS, a provider of
cloud-based mobile commerce
technology, will enable mobile payments
for fuel at Shell gas stations from within
the updated Google Pay mobile app on
Android and iOS devices.
Donald Frieden is CEO at P97 Networks,
donald.frieden@p97.com, www.p97.com.
www.nilsonreport.com
NILSON REPORT
3
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40556
Page 4 of 17
Card Fraud Losses
Reach $28.65 Billion
COVER STORY
p5
Purchases of goods and services as well as cash advances
and withdrawals (including on-us ATM activity) tied to global
brand and domestic-market-only general purpose and private
label credit, debit and prepaid cards worldwide amounted to
$42.274 trillion in 2019, up 4.2% over 2018.
Gross fraud losses to issuers, merchants and acquirers of
card transactions from merchants, as well as acquirers of card
transactions from ATMs reached $28.65 billion, up 2.9% from
$27.85 billion in 2018. That figure does not include billions
of dollars in fraud losses tied to QR code-based and push
payments (bank account to bank account transfers).
Dollars lost to fraud rise every year in the U.S. and worldwide.
The measure of success against criminals attempting fraud is
basis points per every $100 in total volume.
Card-based payment systems worldwide experienced gross
fraud losses equal to 6.78¢ for every $100 of total volume in
2019. This was a decline from 6.86¢ per $100 the previous year.
In the United States, losses to fraud of $9.62 billion were up
from $9.47 billion in 2018. However, fraud losses in the U.S.
were 10.25¢ per $100 in total volume in 2019, down from
10.83¢ the previous year.
The U.S. accounted for 22.19% of total card volume worldwide
in 2019 yet 33.57% of gross card fraud losses worldwide. One
year before, the U.S. accounted for 23.33% of total card volume
and 33.99% of total fraud.
For all other countries outside the U.S., fraud reached $19.03
billion in 2019, which equaled 5.79¢ per $100 in total volume.
The prior year it was $18.39 billion and 5.77¢.
Losses to fraud mentioned here do not include expenses that
issuers, merchants and acquirers incurred from operations,
call centers and the investigation of fraudulent transactions.
Those costs were up nearly 10% in 2019 over 2018. Merchants’
operational costs related to fraud fighting include the fact that
approximately 15% of card-not-present (CNP) transactions
involve costly manual reviews of pending sales, even though
90% of those transactions are approved. About 40% of fraud
mitigation costs involve manual review of CNP transactions.
American Express, Diners Club/Discover, JCB, Mastercard,
Visa, and UnionPay—the global general purpose brands—
generated a combined $34.880 trillion in card volume
(purchases and cash combined) in 2019, equal to 82.51% of
the worldwide total.
Global brand card losses to fraud reached $25.53 billion in
2019, up 2.7% over $24.86 billion in 2018. Global brand cards
accounted for 89.11% of total gross fraud losses worldwide in
2019, down from 89.26% in 2018.
Fraud by Type of Card
$Billions in 2019
GLOBAL
BRANDS 1
25.53
ATM 2
1.55
DOMESTIC3
0.92
PRIVATE
LABEL4
0.65
1 Visa, Mastercard, UnionPay, American
Express, Diners/Discover, JCB. 2 From
transactions processed by nonglobal net-
works. 3 Maestro, Elo, RuPay, Interac, Cartes
Bancaire, Mir and 89 others. 4 Includes
store, gasoline, airlines, medical, ACH debit,
prepaid etc. ©2020 The Nilson Report
28.65
4
NILSON REPORT
December 2020
Issue 1187
➔
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40557
Page 5 of 17
p6
When the Nilson Report conducted its annual survey of global
acquirer activity for 2019, it identified 89 general purpose
domestic-market-only card brands worldwide. These brands
are mostly debit only, some are credit only and a few are both.
Credit and debit cards with these brands combined generated
$4.524 trillion in total volume in 2019, up 13.1% over 2018.
Domestic-only cards experienced gross fraud losses of $0.92
billion, an increase of 13.6% over 2018. They accounted for
3.2% of gross card fraud losses worldwide.
Private label payment cards usable only at retail stores, fuel
outlets, airlines, medical and dental businesses and other
select locations collectively accounted for $961.92 billion in
total volume in 2019, up 6.6% over $902.60 billion the prior
year. Fraud losses were $0.65 billion in 2019, up 7.8% from
2018. Private label card fraud accounted for 2.3% of all gross
card fraud losses worldwide last year.
Other than the ATM networks (Cirrus, Plus, etc.) connected to
the global general purpose card brands, credit and debit card
transactions at ATMs generated $1.908 trillion in cash volume
in 2019, down 2.0% from 2018. Fraud losses of $1.55 billion
were down 1.8% from 2018. This ATM fraud equaled 5.4% of all
card fraud losses worldwide.
By 2025, total payment card volume worldwide is projected to
be $56.182 trillion, with gross card fraud globally expected to
be $35.31 billion. Fraud per every $100 in total volume will have
declined to 6.28¢. Losses to fraud in the U.S. are projected to
reach $12.51 billion in 2025.
Card issuer fraud losses worldwide last year were $19.59
billion, an increase from $19.21 billion in 2018. Issuers
accounted for 68.39% of gross fraud losses worldwide. The
other $9.06 billion, which equaled 31.61% of total fraud losses,
was a business expense of merchants, merchant acquirers and
ATM acquirers.
Issuer losses occur when criminals take over existing card
accounts, cards are lost or stolen or counterfeited, new
accounts are opened purposely to commit fraud using a mix
of valid and/or completely false information (synthetic fraud),
cardholders or their family members make purchases that
they subsequently dispute (friendly fraud) as well as a few
smaller categories.
The ready availability of personally identifiable information
(PII) for sale on the dark web supports account takeover
and synthetic fraud losses. The value of annual sales of PII
is in the $1-billion range. There were over 250 data breaches
in the U.S. alone in 2019. Data breaches, particularly the theft
of healthcare records that contain valuable PII, can provide
the information needed for an account takeover. Quest
Diagnostics, a U.S.-based healthcare company, was hacked
in 2019, exposing nearly 12 million card accounts in addition
to PII.
Criminals buy PII to obtain access to a valid credit card
account. Once in, they have a new card mailed to a different
address. Synthetic fraud, a worsening problem in the U.S., is
the work of patient professional criminals. They build up large
credit lines, typically at multiple issuers. Knowing the accounts
they have opened could look suspicious, they sometimes
wait 18 to 24 months before they strike. They might attack all
accounts at once or bleed them in a steady stream.
Synthetic fraud looks like bad debt to credit managers. It is not
counted in any fraud category. However, 20% of chargeoffs are
linked to synthetic identity fraud.
Friendly fraud is another growing problem without an official
category to count losses. This fraud, which can involve family,
friends or acquaintances with access to a card account
number, occurs in every country and grows along with the
increase in online buying. Card issuers have dispute rights with
friendly fraud but also bear high operational costs.
Losses to counterfeited cards created for use in retail stores
or ATMs dropped in 2019. In the U.S., counterfeit card losses
often occurred at fuel locations that were not EMV-compliant.
© 2020 Nilson Report
Total Volume
Fraud
Cents per
YEAR
TRILLIONS
BILLIONS
$100 VOLUME
2015
$31.310
$21.84
6.97¢
2016
$31.878
$22.80
7.15¢
2017
$34.472
$23.97
6.95¢
2018
$40.582
$27.85
6.86¢
2019
$42.274
$28.65
6.78¢
2020
$42.241
$30.93
7.32¢
2021
$44.829
$32.04
7.14¢
2022
$47.627
$31.52
6.62¢
2023
$50.375
$32.96
6.54¢
2024
$53.245
$34.40
6.46¢
2025
$56.182
$35.31
6.28¢
2026
$59.284
$36.93
6.23¢
2027
$62.614
$38.50
6.15¢
2028
$66.188
$40.05
6.05¢
Card Fraud
Projected Worldwide
COVER STORY CONTD.
www.nilsonreport.com
NILSON REPORT
5
➔
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40558
Page 6 of 17
Magnetic stripes cheated unattended fuel pumps. When used
to make an online payment anywhere in the world, stolen card
data is sometimes counted as counterfeit card fraud.
Card-not-present purchase volume, which includes purchases
made using mobile devices, equaled 15.4% of all purchase
volume worldwide in 2019. However, it was tied to 65.0% of all
losses to fraud. CNP fraud losses were up across the globe in
2019 with the growth of online sales.
Merchants overall did a better job fighting fraud in 2019.
However, some high-volume, high-margin merchants as well as
solely digital merchants remained willing to risk fraud if they
got a valid card authorization. Merchants and issuers did catch
more fraud attempts in 2019, and the percentage of successful
fraudulent transactions fell.
Successful fraud fighting continued to be available to large
merchants that were able to buy protection in layers of
security. The global card networks found success fighting
criminals through machine learning AI models able to analyze
massive data sets, which spot fraud from organized crime
immediately after it first appears and allows for immediate
action. The networks have also gotten better at sharing data
with law enforcement, issuers, merchants and acquirers.
Merchants pay for all fraud on CNP transactions except when
3D Secure protocol is involved. However, in 2019, 3D Secure
acceptance was only in the 15% range in Europe. In the U.S.,
it was much lower. As online commerce grows, merchants
will pay a steadily increasing percentage of total fraud losses.
Tokenizing payments is critical to keeping merchant fraud
losses and related operational expenses manageable.
Fraud at ATMs in 2019 continued to come from skimming, PIN
compromise, dispenser jackpotting, cash trapping, malware,
network packet switching and more. Fraud as a percentage of
$100 in total volume declined slightly in 2019 from 2018.
Organized professional criminal gangs became more
sophisticated in 2019. These gangs were from North Korea,
Brazil, India, Nigeria, the Caribbean and Russian-speaking
countries. Their fraudulent activities included injecting
malicious code into JavaScript used at certain ecommerce
sites to move data to another server, including moving data
from a payment platform. The sophistication of organized
criminals included reverse engineering the fraud fighting
practices top merchants use to keep them out.
Prominent among organized criminal gangs is the Lazarus
Group from North Korea, which brings military grade cyber
expertise to card fraud. The gang’s aim is to quickly monetize
fraud. ATM cashouts involving counterfeit cards was its initial
pursuit. More recently, Lazarus adopted a smarter fast-
cash model involving compromising payment gateways and
switches with man-in-the-middle software to authorize cash
withdrawals. As Lazarus steals money from issuers, valid
cardholders can concurrently make legitimate transactions.
Card issuers are unaware fraud is occurring. An estimated
75% to 80% of all ATM cash-out fraud losses get repatriated to
North Korea.
Social engineering attacks aimed at obtaining personally
identifiable information (PII) increased in 2019. Having at least
some PII helps criminals appear to be legitimate when they
use email to conduct fraud. Efforts to gain PII include criminals
posing as a bank representative and phoning cardholders—a
practice known as “vishing.”
Fraud in 2019 occurred with the help of automated botnets
(software) deployed by criminals to test issuers and merchants
for vulnerabilities.
This practice is called account enumeration as well as
credential stuffing. The botnets are programmed with some
valid information, usually the 16-digit primary account number,
which the criminals have stolen in a data breach. They are
looking for the full data set to facilitate an account takeover or
significant attack on a line of credit. The aim is to sell that full
data set on the dark web. The software executes millions of
attempted purchases to discover missing data elements such
as postal codes, card expiration dates and CVV codes.
Criminals typically target smaller merchants for account
enumeration. Larger merchants have software that catches
those attacks.
Prior issues: 1164, 1142, 1118, 1096, 1068
Purewrist Wearables for Contactless Payments
COVER STORY CONTD.
Fraud Inside vs. Outside the U.S.
Market Shares (%) 2001 — 2019
‘01
‘03
‘05
‘07
‘09
‘11
‘13
‘15
‘17
‘19
© 2020
Nilson Report
60.3
56.0
55.0
54.5
53.5
52.7
52.3
61.3
62.5
66.4
39.7
44.0
45.0
45.5
46.5
47.3
47.7
38.7
37.5
33.6
OUTSIDE
U.S.
INSIDE
U.S.
6
NILSON REPORT
December 2020
Issue 1187
I
I
I
I
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Global General Purpose Cards—Midyear 2020
Purewrist bracelet pricing starts at $35 and includes a
preloaded amount of $10.
Purewrist Wearables for
Contactless Payments
Purewrist has launched a general purpose wearable payment
product for users who cannot afford a $150 to $300 device
such as an Apple Watch. The device can also be used in closed-
loop systems such as stadiums and events. Purewrist sells the
bracelet directly to consumers (B2C) as well as on a B2B basis.
Potential B2C customers include parents purchasing for
children and others using the device to pay for public
transportation. Purewrist expects B2B clients to include public
transit systems and hospitality companies such as resorts.
Purewrist’s product has two components. In addition to a
silicone bracelet, the company produces a SIM card-sized
Mastercard product with a contactless chip manufactured by
NXP. Currently, the consumer places the chip in the bracelet,
which is customizable and can be sold on a white-label basis.
Future developments could include other types of wearable
products, such as ball caps and watch bands.
Sutton Bank issues a prepaid Mastercard account on behalf of
Purewrist, which acts as the program manager. I2c is the card
account processor.
Consumers pay $25 to buy a Purewrist bracelet and select a
pre-loaded amount of $10, $25 or $50. Once purchased, the
consumer will be able to top up the card using Purewrist’s app
or website. The account will keep the same card number and
physical chip.
The know your customer (KYC) process is handled when the
card is topped up for the first time. Transfer of funds from
a consumer’s account to the Purewrist prepaid account is
handled by Plaid.
Bracelets are available for sale in the U.S., and Purewrist plans
to expand into South America, followed by the Middle East and
Asia. The company plans expansion to markets that have mass
transit programs that support contactless technology.
INTERVIEWED FOR THIS ARTICLE
Suresh Palliparambil is Chief Executive Officer at Purewrist in San Francisco,
California, suresh@purewrist.com, www.purewrist.com.
IN THIS ARTICLE
www.nilsonreport.com
NILSON REPORT
7
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purewrist t)})
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40560
Page 8 of 17
PNC to Acquire BBVA Payment Card Assets
Global General Purpose
Cards—Midyear 2020
Credit, debit and prepaid cards with Visa, UnionPay,
Mastercard, JCB, Diners Club/Discover and American Express
brands initiated 206.75 billion purchase transactions for goods
and services worldwide from January 1 to June 30, 2020,
an increase of 2.1% over the same period in 2019. Purchase
transactions by debit and prepaid cards accounted for 59.06%,
up from 55.77%.
Purchase volume for the first six months of 2020 amounted
to $13.512 trillion, down 3.8% versus the same period in 2019.
Credit card purchase volume was down 9.7%. Debit/prepaid
purchase volume was up 3.5%. Credit cards held a 55.27%
share of combined credit, debit and prepaid purchase volume,
down from 55.67% in 2019.
When measuring combined credit, debit and prepaid card
purchase transactions, the top market share was held by Visa
with 41.78%, down from 43.67%. UnionPay gained share,
moving to 29.53% from 27.43%. Mastercard’s share increased
to 25.27% from 25.07%. American Express went from 2.23%
to 1.92%, JCB went from 0.91% to 0.87% and Diners Club/
Discover dropped to 0.63% from 0.69%.
When measuring combined credit and debit card purchase
volume, UnionPay held the top spot with a market share of
48.50%, unchanged from the same period in 2019. Market
share for Visa increased to 30.23% from 30.00%. For
Mastercard, its market share increased to 16.19% from 15.67%.
Amex’s share declined to 3.54% from 4.21%. JCB’s share slid
to 0.98% from 1.01% and Diners Club/Discover slipped to
0.56% from 0.61%.
Figures are Midyear 2020 with Change vs. Midyear 2019
Global General Purpose Cards
Brand
DOLLAR VOLUME (BILLIONS)
PURCHASE TRANS.
TOTAL
CHANGE
PURCHASES
CHANGE
CASH
CHANGE
BILLIONS
CHANGE
UnionPay Credit
$3,033.43
–8.5%
$3,024.75
–8.4%
$8.67
—32.2%
24.27
–6.8%
Visa Credit
$2,162.66
–11.0%
$2,062.48
–10.6%
$100.18
–18.1%
30.70
–6.4%
Mastercard Credit
$1,373.80
–7.5%
$1,288.02
–7.5%
$85.78
–6.5%
22.61
–1.7%
American Express Credit
$484.40
–19.2%
$478.42
–19.1%
$5.98
–21.0%
3.96
–12.4%
JCB Credit
$135.97
–7.2%
$132.23
–7.0%
$3.74
–15.0%
1.79
–2.8%
Discover/Diners Credit
$82.66
–11.2%
$76.06
–11.0%
$6.59
–12.8%
1.31
–6.9%
CREDIT CARD TOTALS
$7,272.91
–9.9%
$7,061.96
–9.7%
$210.95 –14.4%
84.64
–5.5%
UnionPay Debit & Prepaid
$3,717.13
0.0%
$3,527.86
0.4%
$189.27
–8.1%
36.78
24.7%
Visa Debit & Prepaid
$3,109.30
0.1%
$2,022.30
6.0%
$1,087.00
–9.2%
55.69
0.1%
Mastercard Debit & Prepaid
$1,573.49
5.0%
$899.49
11.2%
$674.00
–2.3%
29.64
6.7%
DEBIT CARD TOTALS
$8,399.92
0.9%
$6,449.65
3.5%
$1,950.27
–6.8%
122.11
8.1%
CREDIT & DEBIT TOTALS
$15,672.83
–4.4%
$13,511.61
–3.8%
$2,161.22
–7.6%
206.75
2.1%
Visa Totals
$5,271.96
–4.8%
$4,084.78
–3.1%
$1,187.18
–10.0%
86.38
–2.3%
Mastercard Totals
$2,947.29
–1.2%
$2,187.51
–0.7%
$759.78
–2.8%
52.25
2.9%
VISA & MASTERCARD TOTALS
$8,219.25
–3.5%
$6,272.29
–2.3%
$1,946.96
–7.3%
138.63
–0.4%
UnionPay Totals
$6,750.56
–4.0%
$6,552.61
–3.8%
$197.94
–9.5%
61.05
9.9%
Includes all consumer, business and commercial credit, debit and prepaid cards. Currency fi gures are in U.S. dollars.
Change fi gures for dollar volume refl ect a year-over-year comparison in local currency. Figures are for January 1
through June 30. American Express, JCB and UnionPay include business from third-party issuers. Visa includes Visa,
Visa Electron, V Pay, Visa Direct and Interlink. Mastercard excludes Maestro and Cirrus fi gures. JCB fi gures are for
October 1, 2019 through March 31, 2020, and are estimates.
© 2020 Nilson Report
$13.5
trillion
in purchase volume
versus the
prior year4%
8
NILSON REPORT
December 2020
Issue 1187
i
►
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40561
Page 9 of 17
Top 150 Debit Card
Issuers Worldwide
Purchase volume generated by the 150 largest issuers of debit
cards totaled $10.476 trillion, an increase of 3.5% from $10.123
trillion in 2018.
The top 10 issuers contributed 62.4% of this year’s volume.
They were dominated by issuers from China, where most of
the purchase volume was generated by UnionPay cards. The
6 issuers in China accounted for $5.244 trillion in purchase
volume. The 3 U.S. issuers had $1.056 trillion and the single
U.K. issuer had $238.40 billion.
PNC to Acquire BBVA
Payment Card Assets
PNC Bank’s acquisition of BBVA USA
Bancshares for $11.60 billion in cash, which
is expected to be completed in mid-2021, will
create the 5th largest bank holding company
in the U.S.
PNC Bank ranked 11th largest in the U.S.
among issuers of Visa and Mastercard credit
cards at midyear 2020 based on outstanding
receivables with $8.10 billion. BBVA was 29th
largest with $1.04 billion. When combined, the
new PNC will continue to rank 11th. It will have
over 7.3 million credit cards in circulation.
More than 95% are Visa cards.
PNC uses Fiserv (First Data) to process
consumer card accounts and BBVA uses
Global Payments (Tsys). BBVA’s Finanzia USA
subsidiary uses Fiserv for its credit cards.
Global Payments handles commercial card
processing for PNC and BBVA.
Among debit card issuers in the U.S., PNC
ranked 4th largest and BBVA 24th based
on purchase volume (spending for goods
and services). Combined, the purchase
volume generated by cards issued by the
banks exceeded $93.60 billion in 2019. The
expanded PNC will have 12.3 million debit
cards in circulation, nearly all with the Visa
brand. PNC has small Mastercard commercial
and consumer prepaid card portfolios.
In merchant acquiring, PNC ranked 8th
largest in the U.S. based on purchase volume
for all card types. However, Fiserv owns 40%
of that business. BBVA ranked 26th largest.
Fiserv owns that portfolio and provides all
services to the merchants. The combined
PNC/BBVA merchant business accounted for
over $85 billion in card spending in 2019.
Prior issues: 1171, 1170
IN THIS ARTICLE
$0.24
$1.06
$5.24
The 10 Largest
Issuers
had $6.54 trillion
in purchase volume
1 U.K.
ISSUER
3 U.S.
ISSUERS
6 CHINESE
ISSUERS
p10
www.nilsonreport.com
NILSON REPORT
9
➔
0 PNC
BBVA
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40562
Page 10 of 17
Largest Debit Card Issuers Worldwide
RANK
ISSUER, COUNTRY
(BIL.)
1
China Construction, China
$1,889.64
2
Agricultural Bank, China
$1,089.38
3
ICBC, China
$994.12
4
Bank of China, China
$680.74
5
China Merchants, China
$391.25
6
Wells Fargo, U.S.
$363.78
7
Bank of America, U.S.
$346.58
8
JPMorgan Chase, U.S.
$345.57
9
Lloyds Banking/MBNA, U.K.
$238.40
10
Bank of Communications, China
$199.20
11
Sberbank, Russia
$177.08
12
NatWest Group, U.K.
$147.90
13
Crédit Agricole, France
$133.42
14
Barclays, U.K.
$132.79
15
Credit Mutuel, France
$108.24
16
HSBC, U.K.
$103.52
17
HuaXia, China
$87.72
18
China Industrial, China
$85.32
19
Santander Cards, U.K.
$83.03
20
PNC Bank, U.S.
$80.10
21
Truist, U.S.
$75.65
22
U.S. Bank, U.S.
$72.04
23
China Everbright, China
$66.31
24
USAA, U.S.
$65.64
25
La Banque Postale, France
$64.69
26
The Bancorp Bank, U.S.
$62.89
27
China Guangfa, China
$62.35
28
Navy FCU, U.S.
$59.31
29
Commonwealth, Australia
$56.28
30
TD Bank, U.S.
$51.51
31
ICBA Bancard, U.S.
$50.39
32
Shanghai Pudong Dev., China
$48.87
33
Swedbank Group, Sweden¹
$48.15
34
Nordea Group, Finland²
$48.00
35
Nationwide Bldg. Society, U.K.
$47.77
36
DNB, Norway
$47.65
37
Regions Bank, U.S.
$45.30
38
UniCredit Group, Italy³
$44.61
39
ING Group, Netherlands⁴
$44.02
40
China Minsheng, China
$43.86
41
Fifth Third Bank, U.S.
$42.55
42
Caixa Economica Federal, Brazil
$41.70
43
MetaBank, U.S.
$38.36
44
BancoPosta, Italy
$37.55
45
Rabobank, Netherlands
$35.27
46
CaixaBank Paymts & Cons., Spain
$34.87
47
Westpac Banking, Australia
$34.56
48
Nexi Payments, Italy
$33.38
49
Capital One, U.S.
$33.31
50
Itau Unibanco, Brazil
$33.17
Ranked by Purchase Volume in 2019 & Country
RANK
ISSUER, COUNTRY
(BIL.)
51
Bank of Beijing, China
$33.07
52
Intesa Sanpaolo, Italy
$32.92
53
TSB, U.K.
$31.45
54
Banco Bradesco, Brazil
$30.68
55
Citizens Bank, U.S.
$28.69
56
KB Kookmin Card, South Korea
$28.41
57
SBI Bank, India
$28.41
58
Huntington Natl, U.S.
$28.24
59
Green Dot Bank, U.S.
$27.00
60
Citibank, U.S.
$26.86
61
BNP Paribas Fortis, Belgium⁵
$24.69
62
Comerica Bank, U.S.
$24.63
63
VTB Bank, Russia
$23.66
64
Banco Santander, Spain⁶
$22.14
65
BBVA, Mexico
$20.95
66
ABN Amro, Netherlands
$20.75
67
KeyBank, U.S.
$20.60
68
National Australia, Australia
$19.97
69
ANZ Banking, Australia
$19.96
70
Al Rajhi Bank, Saudi Arabia
$19.59
71
Banco Santander, Brazil
$19.10
72
NongHyup Bank, South Korea
$18.85
73
Banco do Brasil, Brazil
$18.53
74
Virgin Money/CYBG, U.K.
$17.93
75
Erste Group, Austria⁷
$17.70
76
Bankia, Spain
$17.64
77
BBVA, Spain
$17.42
78
OP Financial, Finland
$16.73
79
State Empl. CU (N.C.), U.S.
$16.43
80
Alfa-Bank, Russia
$15.42
81
Belfius Bank, Belgium
$15.24
82
Danske Bank, Denmark
$15.18
83
Shinhan Card, South Korea
$15.08
84
M&T Bank, U.S.
$14.90
85
Allied Irish Bank, Ireland
$14.24
86
PostFinance, Switzerland
$13.81
87
BBVA Compass, U.S.
$13.62
88
BancoEstado, Chile
$13.28
89
HDFC, India
$12.90
90
Banc Sabadell, Spain
$12.72
91
Tinkoff Bank, Russia
$12.15
92
Banco Popular, Puerto Rico
$12.09
93
Standard Bank, South Africa
$11.71
94
Kuwait Finance House, Kuwait
$11.69
95
Santander Bank, U.S.
$11.52
96
Citibanamex, Mexico
$11.19
97
Bank Central Asia, Indonesia
$11.19
98
Caixa Geral de Dep., Portugal
$11.14
99
Natl Bank of Kuwait, Kuwait
$10.99
100
Axos Bank, U.S.
$10.95
RANK
ISSUER, COUNTRY
(BIL.)
101
Co-operative Bank, U.K.
$10.83
102
TCF Financial, U.S.
$10.80
103
CU Settlement, Australia
$10.76
104
Banco Santander, Mexico
$10.75
105
Banorte, Mexico
$10.58
106
Bank Mandiri, Indonesia
$10.36
107
ICICI, India
$10.26
108
Arvest Bank, U.S.
$9.73
109
Natl Commercial, Saudi Arabia
$9.59
110
Russian Standard, Russia
$9.55
111
SEB Kort, Sweden
$9.47
112
Boeing Employees CU, U.S.
$9.41
113
Bank of the West, U.S.
$9.35
114
Bank Pekao, Poland
$9.25
115
BMO Harris, U.S.
$9.04
116
Piraeus Bank, Greece
$8.96
117
PKO Bank, Poland
$8.78
118
Millennium BCP, Portugal
$8.67
119
KEB Hana Card, South Korea
$8.37
120
UBS, Switzerland
$8.28
121
Raiffeisen, Switzerland
$8.22
122
First Citizens, U.S.
$8.15
123
National Bank, Greece
$8.04
124
Uralsib, Russia
$7.99
125
Deutsche Bank, Germany
$7.82
126
Bancolombia, Colombia
$7.48
127
Axis Bank, India
$7.26
128
SchoolsFirst FCU, U.S.
$7.00
129
BPCE, France
$7.00
130
First Horizon, U.S.
$6.87
131
UMB Bank, U.S.
$6.82
132
MUFG Union Bank, U.S.
$6.74
133
Zions Bancorporation, U.S.
$6.71
134
Alelo, Brazil
$6.30
135
Commerce Bank, U.S.
$6.20
136
Golden 1 CU, U.S.
$6.15
137
America First CU, U.S.
$6.12
138
FirstBank (Colo.), U.S.
$6.00
139
Randolph Brooks FCU, U.S.
$5.94
140
Emirates NBD, U.A.E.
$5.81
141
VyStar CU, U.S.
$5.76
142
Mountain America FCU, U.S.
$5.69
143
People's United Bank, U.S.
$5.49
144
Lansforsakringar, Sweden
$5.35
145
Banco Santander, Chile
$5.34
146
Webster Bank (incl. HSA), U.S.
$5.16
147
Woori Card, South Korea
$5.16
148
Suncoast CU, U.S.
$5.14
149
ANZ Bank, New Zealand
$4.98
150
DBS, Singapore
$4.96
Purchase volume for calendar year 2019 on Visa, Maestro, Mastercard, UnionPay and domestic general purpose consumer and commercial debit and prepaid
cards. 1 And Estonia, Latvia, Lithuania. 2 And Sweden, Denmark, Norway. 3 And Germany, Austria, Russia, Croatia, Bulgaria, Romania, Hungary, Czech Republic,
Slovakia, Slovenia, Bosnia, Serbia. 4 And Belgium, France, Germany, Italy, Luxembourg, Poland, Romania, Spain, Turkey. 5 Includes Fintro and Hello Bank.
6 Includes SCF and Open Bank. 7 And Czech Republic, Slovakia, Hungary, Romania, Croatia, Serbia, Slovenia.
©2020 Nilson Report
Krowd’s Marketplace for Card-Linked Offers
10 NILSON REPORT
December 2020
Issue 1187
➔
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40563
Page 11 of 17
Card Manufacturer Shipments—Payment Cards 2019
Krowd’s Marketplace
for Card-Linked Offers
Using proprietary deep learning and artificial
intelligence algorithms, Krowd combines card
transaction data with data from third-party
sources to predict consumer reaction to
merchant offers. The company’s Offer Bidding
Marketplace (OBM) for card-linked offers
lets merchants bid on cardholders in real
time, allowing for a campaign that can target
for new or existing customers, age, gender,
budget, offer level and offer conditions.
The company’s technology supports
traditional offers but also high-frequency
and high-reward (food and beverage,
health and beauty) offers. These offers are
desired by cardholders but are harder to
source because they tend to come from
independent merchants, not the high-volume
mass retailers typical of traditional card-
linked offers. Krowd says its OBM can scale
up to 10,000 merchants and 100 million
cardholders per card client and that it can
automatically adjust discounts for individual
cardholder price sensitivity.
The ability to incorporate more than 250
million external data points on merchants
(sourced from reviews, blogs, social media,
menus) is integral to Krowd’s self-learning
merchant directory and knowledge graph.
The technology supports highly predictive
customer redemption results from
personalized offers to targeted cardholders.
Krowd claims its prediction algorithms
are 50% more effective than those of its
competitors and five times more effective
than campaigns issuers operate in-house.
The offers are not only relevant to specific
cardholders, but the auction method of OBM
inclines merchants to make the offers more
lucrative because they are in competition for
cardholders with other merchants. Krowd
claims its service increases consumer
spend by as much as 18% and improves the
merchant’s return on marketing investment
by up to 30%.
Krowd can extend its OBM offers outside
bank communication channels, including
integration with nonbanking apps such
as those of restaurant and ride-hailing
companies and mobile network operators.
Clients using Krowd’s OBM include banks
in the U.K. and U.A.E. Banks in India,
Saudi Arabia and the U.S. will launch the
marketplace in 2021. Krowd, a partner in
Visa’s Fast Track Program, has raised $1.5
million in seed funding from investors,
including Barclays.
Issuers provide Krowd with a unique
identification number for cardholders but
not their primary account number or any
personally identifiable information. Krowd
needs transaction data including the
merchant and the amount of a purchase.
Issuers pay Krowd a set-up fee for OBM but
no subsequent subscription fees. Krowd’s
revenue comes primarily from merchants that
only pay on redeemed offers.
The OBM can be made available on a white-
label basis to merchant acquirers. Krowd
will share revenues with them. Issuers that
also operate merchant acquiring portfolios
can leverage the OBM for offers to their own
cardholders or other bank partners.
IN THIS ARTICLE
INTERVIEWED FOR THIS ARTICLE
Omar Rafii is Chief Executive
Officer at Krowd in London, U.K.,
omar@krowdit.com,
www.krowdit.com.
Krowd’s Offer Bidding
Marketplace can scale up
to 10,000 merchants and
100 million cardholders per
card client
www.nilsonreport.com
NILSON REPORT 11
➔
® krowd
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40564
Page 12 of 17
PAYMENT CARDS
TOTAL
Payment Cards
with Chips 1
Mag-
Stripe
RANK
MANUFACTURER, HEADQUARTERS
MIL.
RANK
MIL.
% OF
TOTAL
MIL.
1
Thales, Netherlands
1,123.1
1
1,084.8
96.6%
38.3
2
Idemia, France
776.0
2
708.0
91.2%
68.0
3
G+D Mobile Security, Germany
586.0
3
570.0
97.3%
16.0
4
Perfect Plastic Printing, U.S.
437.1
11
58.1
13.3%
379.0
5
CPI Card Group, U.S.
273.2
8
100.1
36.6%
173.2
6
Goldpac Group, Hong Kong
236.3
5
175.5
74.3%
60.8
7
Tianyu Information Industry, China
177.5
4
177.4
100.0%
<0.1
8
Eastcompeace, China
170.0
6
154.4
90.8%
15.7
9
Hengbao, China
125.6
7
123.2
98.1%
2.4
10
XH Smart Tech, China
94.1
9
91.0
96.7%
3.1
11
MCT Cards & Technology, India
83.5
10
75.7
90.7%
7.8
12
Valid, Brazil 2
63.9
13
52.4
82.1%
11.5
13
Alioth, Russia
55.6
12
55.5
99.7%
0.2
14
Toppan Printing, Japan
51.0
14
49.0
96.1%
2.0
15
AustriaCard, Austria
48.9
15
46.5
95.0%
2.4
16
FutureCard, United Arab Emirates
44.2
20
22.6
51.1%
21.6
17
NovaCard, Russia
41.4
16
40.5
97.8%
0.9
18
Kona I, South Korea
37.2
17
36.8
98.9%
0.4
19
Plastkart, Turkey
36.3
19
31.5
86.8%
4.8
20
Tag Systems, Andorra
35.3
18
33.8
95.8%
1.5
21
Thomas Greg & Sons, Brazil
33.9
38
0.8
2.3%
33.1
22
PGP Group, Hong Kong 3
32.4
27
10.3
31.6%
17.0
23
Exceet Card, Germany
20.6
22
18.9
91.7%
1.7
24
Hogier Gartner, Colombia
20.4
21
19.8
97.1%
0.6
25
Chanwanich Sec. Print., Thailand 4
19.2
23
14.8
77.1%
4.1
26
MK Smart, Vietnam 5
17.3
31
5.6
32.6%
9.9
27
Placard, Australia
14.8
32
5.5
37.5%
9.3
28
Masria Digital Payments, Egypt
13.3
24
13.3
100.0%
—
29
Inkript Cards, Lebanon
12.6
25
11.5
91.6%
1.1
30
TGS Card Solutions, Mexico
11.4
26
10.8
95.2%
0.5
31
KL Hi-Tech Secure Print, India 6
10.9
29
8.1
74.8%
1.2
32
Watchdata, China
10.0
28
10.0
100.0%
—
33
FoongTone Technology, Taiwan
8.2
30
8.0
97.5%
0.2
34
M-Tech Innovations, India
5.4
33
5.4
100.0%
—
35
Feitian Technologies, China
4.5
37
2.0
45.2%
2.5
36
Beautiful Card, Taiwan 7
4.0
34
4.0
98.7%
<0.1
37
Taiwan Name Plate, Taiwan
4.0
35
3.6
89.6%
0.4
38
Toppan Forms Card, Hong Kong 7
2.8
36
2.8
99.6%
<0.1
39
INCM, Portugal
0.7
39
0.7
96.3%
<0.1
Card Manufacturers 2019
1 Chip card types include dual interface, microprocessor, memory and
contactless. 2 Estimate. 3 Includes 5.2 million nonchip/nonmagstripe
cards. 4 Includes 0.3 million nonchip/nonmagstripe cards. 5 Includes 1.7
million nonchip/nonmagstripe cards. 6 Includes 1.5 million nonchip/non-
magstripe cards. 7 Includes some cards shipped to other manufacturers.
© 2020 Nilson Report
p13
Payment Card Shipments
by Manufacturer
Of the 4.74 billion payment cards shipped in 2019 by the
manufacturers shown here, 81.02% were chip cards (3.84
billion), 18.79% were magnetic stripe cards (891.3 million)
and 0.18% (8.7 million) were neither chip nor magstripe
(i.e, barcode, scratch etc.).
The six largest manufacturers shipped a combined 3.43 billion
payment cards last year, up 6.6% from 2018. They shipped 2.70
billion chip cards and 735.3 million magstripe cards. Chip cards
accounted for 78.57% of the top six’s total in 2019, up from
76.82% in 2018.
Types of cards included: Visa and Mastercard; UnionPay; other
high-security cards such as American Express, Diners Club,
Discover, JCB and Maestro global general purpose credit, debit
and prepaid cards in addition to ATM and local-market-only
general purpose credit, debit and prepaid cards; and other
payment cards such as retail, oil/fleet, medical, airline and
private label credit and debit cards. Figures do not include
private label prepaid cards.
THALES
IDEMIA
G+D
PERFECT
PLASTIC
CPI
GOLDPAC
1,123
776
586
437
273
236
1,085
708
570
58
100
175
TOTAL CARDS
CARDS WITH CHIPS
Top Manufacturers of Payment Cards
Ranked by Shipments in 2019 (Millions)
© 2020 Nilson Report
12 NILSON REPORT
December 2020
Issue 1187
➔
■
■
■
• -
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40565
Page 13 of 17
TOTAL Chip
RANK
CARD MANUFACTURER
MIL.
MIL.
1
Tianyu Inform. Industry
60.6
60.6
2
Perfect Plastic Printing
54.3
—
3
XH Smart Tech
35.7
34.5
4
Goldpac Group
32.5
2.1
5
PGP Group
17.1
8.9
6
AustriaCard
8.7
7.9
7
Toppan Printing
6.5
4.5
8
FutureCard
5.5
2.0
9
Feitian Technologies
4.3
1.9
10
Tag Systems
4.2
3.2
11
Chanwanich Sec. Print.
2.4
0.1
12
MK Smart
2.3
0.6
13
Masria Digital Payments
2.0
2.0
14
Placard
1.9
—
15
Exceet Card
1.2
—
16
Taiwan Name Plate
1.2
1.2
17
FoongTone Technology
0.5
0.5
18
NovaCard
0.2
0.2
19
Inkript Cards
0.2
0.2
20
Alioth
<0.1
<0.1
21
Toppan Forms Card Tech.
<0.1
—
Other Payment 1
1 Includes other payment cards such as retail,
oil, airline, fl eet, medical etc.
© 2020 Nilson Report
TOTAL Chip
RANK
CARD MANUFACTURER
MIL.
MIL.
1
Thales 1
1,123.1
1,084.8
2
Idemia 1
776.0
708.0
3
G+D Mobile Security 1
586.0
570.0
4
Perfect Plastic Printing
348.9
55.2
5
CPI Card Group 2
273.2
100.1
6
Valid 3
63.9
52.4
7
Toppan Printing 1
44.5
44.5
8
Alioth
39.8
39.7
9
Plastkart
36.3
31.5
10
AustriaCard
36.2
35.4
11
FutureCard
36.0
20.0
12
NovaCard
34.5
34.0
13
MCT Cards & Technology
34.1
32.6
14
Tag Systems
30.9
30.4
15
Goldpac Group
28.3
14.7
16
Exceet Card
19.4
18.9
17
Kona I
19.0
19.0
18
Hogier Gartner
18.7
18.1
19
Eastcompeace
17.1
3.2
20
Thomas Greg & Sons
16.9
0.8
21
XH Smart Tech
16.3
15.7
22
Chanwanich Sec. Print.
11.5
9.6
23
Masria Digital Payments
11.3
11.3
24
Inkript Cards
10.3
9.5
25
TGS Card Solutions
7.9
7.5
26
Placard
7.9
4.7
27
FoongTone Technology
5.4
5.3
28
MK Smart
4.5
4.1
29
KL Hi-Tech Secure Print
3.7
2.5
30
Hengbao
3.4
1.0
31
Taiwan Name Plate
2.6
2.2
32
Toppan Forms Card Tech.
2.1
2.1
33
Watchdata
2.0
2.0
34
Beautiful Card
1.7
1.7
35
Tianyu Inform. Industry
1.0
1.0
36
INCM
0.7
0.7
37
M-Tech Innovations
0.3
0.3
Visa and Mastercard
1 Includes all cards for its bank clients.
2 Includes other payment cards. 3 Estimate.
© 2020 Nilson Report
TOTAL Chip
RANK
CARD MANUFACTURER
MIL.
MIL.
1
MCT Cards & Technology
49.3
43.1
2
Perfect Plastic Printing
34.0
2.9
3
Thomas Greg & Sons
17.0
—
4
Kona I
16.6
16.2
5
Alioth
15.7
15.7
6
XH Smart Tech
15.6
14.3
7
PGP Group
15.4
1.3
8
MK Smart
10.5
0.9
9
KL Hi-Tech Secure Print
7.1
5.6
10
NovaCard
6.3
5.8
11
M-Tech Innovations
5.0
5.0
12
Placard
5.0
0.8
13
AustriaCard
4.1
3.2
14
TGS Card Solutions
3.4
3.3
15
Goldpac Group
3.0
1.6
16
FutureCard
2.5
0.5
17
FoongTone Technology
2.3
2.3
18
Beautiful Card
2.3
2.3
19
Inkript Cards
2.1
1.8
20
Hogier Gartner
1.7
1.7
21
Chanwanich Sec. Print.
0.6
0.3
22
Taiwan Name Plate
0.3
0.3
23
Tag Systems
0.2
0.2
24
Toppan Forms Card Tech.
<0.1
<0.1
Other High Security 1
1 Includes other high-security cards such
as American Express, Diners, Discover, JCB,
RuPay, Maestro, Mir, ATM and PIN-based debit
cards. © 2020 Nilson Report
TOTAL Chip
RANK
CARD MANUFACTURER
MIL.
MIL.
1
Goldpac Group
172.5
157.1
2
Eastcompeace
152.9
151.1
3
Hengbao
122.2
122.2
4
Tianyu Inform. Industry
115.9
115.9
5
XH Smart Tech
26.5
26.5
6
Watchdata
8.0
8.0
7
Chanwanich Sec. Print.
4.8
4.8
8
Kona I
1.6
1.6
9
Toppan Forms Card Tech.
0.6
0.6
10
NovaCard
0.5
0.5
11
Feitian Technologies
0.2
0.2
12
FutureCard
0.2
<0.1
13
Alioth
<0.1
<0.1
14
Placard
<0.1
<0.1
15
MK Smart
<0.1
—
UnionPay
© 2020 Nilson Report
Cryptocurrency Cards Use i2c Processing
4.74
billion
payment cards were
shipped in 2019...
81% had chips
81%
In addition to the payment cards shown
here, six manufacturers reported
shipping embedded secure elements:
Toppan Printing (284,000), CPI
Card Group (283,000), FoongTone
Technology (141,801), Exceet Card
(100,000), Chanwanich Security
Printing (99,836), and Alioth (10,123).
Prior issues: 1166, 1163, 1143, 1139, 1121, 1116
www.nilsonreport.com
NILSON REPORT 13
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40566
Page 14 of 17
Management Changes
Cryptocurrency Cards
Use i2c Processing
More than 30 cryptocurrency companies are
expected to provide products and services
that link digital assets (Bitcoin, Ethereum,
Tether and others) to real-world spending
through the Visa and Mastercard merchant
acceptance networks by the end of 2021.
Among those already in the market are Wirex,
Apto Payments, Crypto.com and NetCents. All
are clients of payment processor i2c.
Wirex provides over three million Mastercard
cards linked to assets in a cryptocurrency
wallet. It brought to market the first Bitcoin
rewards card. The company is a direct issuer
of Mastercard cards.
Apto Payments is a processor and value-
added service provider focused exclusively
on crypto companies that want to issue bank
cards. Coinbase, which claims over 35 million
customers worldwide, is an Apto client.
Crypto.com offers multiple financial services,
including a Visa card, to over five million
consumers.
NetCents, a money services business
registered with Fintrac, is a hub for trading
cryptocurrencies and a provider of the top
crypto merchant gateway service.
Those four companies and i2c’s other clients
link to the company through a single API to
access a front-end and back-end service stack
as well as account lifecycle management
services worldwide.
All credit, debit and prepaid consumer and
commercial card products processed by i2c
use a single code, making integration to the
company’s technology stack very simple and
providing instant global reach.
U.K.-based Wirex has customers in 130
countries. Hong Kong-based Crypto.com has
customers in Asia, 31 countries in Europe and
the U.S. Apto’s Coinbase client offers Visa
cards (it is a principal member of Visa) in
29 countries.
The appeal of i2c to crypto and other
companies that offer card products
around the world includes the fact that its
authorization system has never gone down in
the 19 years it has been in business.
The real-time conversion of crypto assets to
fiat currency to facilitate spending at Visa
and Mastercard network merchants is not a
service provided by i2c.
However, that process is not any more
complicated than fiat-to-fiat foreign exchange
processing for multicurrency card accounts,
which i2c provides for clients including CIBC
in Canada and City National Bank, Payoneer
and Brex in the U.S.
Other i2c customers include Comerica, Credit
Sesame, Car IQ and Purewrist.
INTERVIEWED FOR THIS ARTICLE
Jim McCarthy is President at i2c
in Redwood City, California,
jmccarthy@i2c.com, www.i2cinc.com.
Prior issues: 1185, 1180, 1170, 1169, 1168,
1163, 1145, 1142, 1135, 1130, 1124
IN THIS ARTICLE
All credit, debit and prepaid consumer
and commercial card products on
i2c’s platform use a single code.
14 NILSON REPORT
December 2020
Issue 1187
i
cl
.v
Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40567
Page 15 of 17
Message from the Publisher
Management Changes
Scot McClintic has been appointed Senior Vice President
of iGaming Product and Strategy at Paysafe,
scot.mcclintic@paysafe.com.
Paul Horlock, formerly at Pay.UK, has been
appointed Chief Payments Officer at Santander UK,
paul.horlock@santander.co.uk.
Kenneth Arakelian has been appointed Senior Vice
President and Chief Product Officer at Enacomm,
kena@enacomm.net.
Louisa Murray has been appointed Chief Operating Officer
for the UK and Europe at Railsbank, louisa@railsbank.com.
Jia Min Tan has been appointed Director of
Business Development, APAC at Chargebacks911,
j.min@chargebacks911.com.
Mariano Dima, formerly at Visa Europe, has been
appointed President at Soldo, mdima@soldo.com.
Frederick Crosby has been appointed Chief Revenue
Officer at Nium, frederick.crosby@nium.com.
Penelope Holt has been appointed Vice President of
Marketing at Sezzle, penelope.holt@sezzle.com.
Jonathan Bennett, formerly at CashFlows, has been
appointed Senior Vice President at Docomo Digital,
jonathan.bennett@docomodigital.com.
Keith Toney has been appointed Executive Vice
President and Chief Data and Analytics Officer at Discover,
keithtoney@discover.com.
Adams Conrad has been appointed Principal at
QED Investors, adams@qedinvestors.com.
Dustin Siner has been appointed Chief Revenue Officer
at Rev19 LLC, dustin@rev19.net.
Alexandre Gonthier has been appointed Global Chief
Strategy Officer at Trustly, alexandre.gonthier@trustly.com.
Dhivya Suryadevara, formerly at General Motors, has
been appointed Chief Financial Officer at Stripe,
dhivya@stripe.com.
Sunil Bindal, formerly at Tsys, has been appointed
Senior Vice President of Corporate Development at Equifax,
sunil.bindal@equifax.com.
John McLane has been appointed President at Trustly,
john.mclane@trustly.com.
Oliver Archer has been appointed Chief Financial Officer
at Miura Systems, oarcher@miurasystems.com.
Dave Faupel, formerly at Sage, has been appointed
Chief Marketing Officer at Priority Technology,
dave.faupel@prth.com.
Additional Nilson Report Publication — ORDER HERE
The World’s
Top Card Issuers
and Merchant Acquirers
1,109 CARD ISSUERS
282 MERCHANT ACQUIRERS
ASIA—PACIFIC, CANADA, EUROPE, LATIN AMERICA,
UNITED STATES, MIDDLE EAST AND AFRICA
Visa, Mastercard, American Express, UnionPay, JCB, Discover and Diners Club
WHAT YOU’LL FIND IN THIS REPORT
Worldwide
General Purpose Cards
Purchase Transactions on Global Cards
Purchases by Card Type
Top 300 Issuers
Top 150 Credit Card Issuers
Top 150 Debit Card Issuers
Top 100 Maestro Issuers
Top 150 Credit Card Portfolios
Top 150 Merchant Acquirers
By World Region
General Purpose Cards 2018 vs. 2017
Market Shares of Purchase Volume
YOY Growth/Decline in Purchase Volume
Top General Purpose Card Issuers
Top 50 Credit Card Issuers
Top 50 Debit Card Issuers
Largest General Purpose Card Issuers
Card Issuers Credit vs. Debit
Largest Merchant Acquirers
12TH EDITION
FOR 50 YEARS, THE LEADING PUBLICATION COVERING PAYMENT SYSTEMS WORLDWIDE
Photo by Kewal on Unsplash
The World’s Top Card Issuers
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126 pages listing 1,109 card issuers in 117 countries
Top 300 Issuers Worldwide by country ranked by purchase volume
Top Merchant Acquirers Worldwide ranked by purchase volume and by
purchase transactions (282 companies listed)
Thousands of additional statistics including Issuers by Region and
Country, plus Credit and Debit Card Issuers by Region and Country
www.nilsonreport.com
NILSON REPORT 15
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Case 3:21-md-02992-GPC-MSB Document 590-22 Filed 10/17/25 PageID.40568
Page 16 of 17
© 2020 HSN Consultants, Inc. NILSON REPORT All Rights Reserved. Reproducing or allowing reproduction or dissemination of
any portion of this newsletter in any manner for any purpose is strictly prohibited and may violate the intellectual property rights of
HSN Consultants, Inc. dba Nilson Report.
Message from the Publisher,
The Wall Street Journal, Bloomberg, Forbes, Finextra, Kiplinger, Motley Fool,
Ars Technica, Business.com, Yahoo Finance, Pymnts.com, Cnet and
Cointelegraph all have something in common. Each of those publications has
recently used Nilson Report data in its reporting. The reason is simple: our
proprietary research. You see that research in every issue we publish.
David Robertson, Publisher
December 1, 2020
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