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United States Country Report

  • Published Date: February 2020

A comprehensive overview of the cards, payments and consumer banking market in the United States, with clearsighted commentary backed by salient data. 

The American point-of-sale is on the cusp of a revolution, as over half of debit and credit cards should be contactless-enabled by mid-2021. Other changes are happening in less tangible realms: the Fed is developing a new real-time payments network, intended, among other things, to prise consumers away from their beloved cheque books. Rewards competition may be peaking, but the cards industry remains buoyant and is experiencing profits to match. Zelle and Venmo are making mobile P2P payments popular, particularly among younger segments. Merchants are looking for simple but powerful solutions, leading to integrated payments systems driving growth in merchant acquiring.

What you will learn from this report:

  • How contactless will boost revenue for issuers and networks
  • How the cards industry profit pool has evolved
  • Which technology may undermine mobile payments
  • Where issuers are carving out competitive advantages
  • Why scale has become so vital to merchant acquirers

US Cards and Payments Market Key Facts

  • The credit cards market has been booming, thanks to an intensified focus on high-spending prime customers.
  • Credit card spending is fuelled by generous rewards offerings, made possible by high interchange fees.
  • Interchange fees have been rising due to growth in online spend and Premium cards.
  • Cobrand partnerships are important differentiators for issuers, with Big Tech brands increasingly prevalent.
  • Visa and Mastercard continue to benefit from growth in card spend but have also been diversifying into alternative payments.
  • American Express has reached acceptance parity with Visa and Mastercard, indicating a change of direction for the brand.
  • The ten largest issuers are committed to completing the rollout of contactless payment card portfolios by the end of 2020.
  • The Federal Reserve is developing a new interbank real-time payments system to compete with The Clearing House's existing service.
  • Three major mergers reshaped the American acquiring market in 2019: FIS/Worldpay, Fiserv/First Data and Global Payments/ TSYS.
  • The regulatory environment has been softened over the last two years, with several reforms to the Dodd-Frank Act.

View the US Country Report Table of Contents

Key facts
Demographics and the economy
Payments environment
Cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information
Appendices: Data

Appendix I: Demographics and the economy- Demographic and economic indicators

  • Ownership of key consumer devices
  • Internet usage by population


Appendix II: Payments environment

  • Access points
  • Account penetration
  • Consumer payment trends
  • B2C e-commerce payment methods


Appendix III: Cards market

  • Total cards payment metrics
  • Contactless cards metrics
  • Credit card numbers
  • Total credit cards metrics
  • Credit cards profitability indicators
  • Debit cards numbers
  • Debit cards metrics
  • Prepaid/e-money cards metrics


Appendix IV: Mobile payments

  • Mobile proximity payment metrics
  • Mobile P2P payments


Appendix V: Profit pool

  • Profit pool


Appendix VI: The networks

  • Networks' credit card market shares
  • Networks' credit card numbers
  • Networks' credit card billed volume
  • Networks' number of credit card transactions
  • Networks' average credit card transaction value
  • Credit card interchange fees by network
  • Networks' debit card market shares
  • Networks' debit card numbers
  • Networks' debit card billed volume
  • Networks' number of debit card transactions
  • Networks' average debit card transaction value
  • Debit card interchange fees by network (signature debit cards: exempt)
  • Debit card interchange fees by network (signature and PIN debit cards: regulated)


Appendix VII: Key retail banks and issuers

  • Key credit card issuers market shares by credit card numbers
  • Key issuers market shares in credit card outstandings
  • Key debit card issuers market shares by debit card numbers
  • Key private label card issuers market shares by credit card numbers


Appendix VIII: Acquiring and processing

  • Merchant acquirer credit card market share
  • Credit card merchant service charges
  • Merchant acquirer debit card market share
  • Debit card merchant service charges
  • Credit card issuer/issuing processor relationships
  • Credit card acquirer/acquiring processor relationships
  • Credit card issuing processor market shares by card numbers
  • Credit card acquiring processor market shares by number of POS transactions


Appendix IX: Online acquiring

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Online merchant acquirer market share

Entities referenced in this report

Accel
Active Network
Advent International
Alipay
Alliance Data
Amazon
Amazon Pay
Amazon Payments
American Express
Android Pay
Apple
Apple Card
Apple Pay
Authorize.Net
Bain Capital
BAMS
Bank of America
Bank of America Merchant Services
Bank of Delaware
Bank of Italy
BankAmerica
BankAmericard
Bankcorp Bank
Barclaycard
BB&T
BBVA Compass
Best Buy
Blackhawk Network
Bluebird
BluePay
BofA
BofA Merchant Services
Braintree
Capital One
CARD Act
CardConnect
Cayan
CFPB
Chase
Chase Merchant Services
Chase Pay
Chevron
Chime
Citi
Citi Retail Services
Citibank
Citigroup
City Bank of New York
Coca-Cola
Consumer Financial Protection Bureau
Costco
Crédit Mutuel Arkéa
CU24
Culiance
Current
Cybersource
Dean Witter, Discover & Co.
Delta
Diners Club
Discover Bank
Disney
Dodd-Frank Act
Durbin Amendment
Early Warning Services
Earthport
eBay
Elavon
Ethereum
Ethoca
ExxonMobil
Facebook
Fed
Federal Reserve
FedNow
FFMC
Fidelity National Information Services
Fifth Third Bank
Financial Crimes Enforcement Network
FinCEN
First Data
First Financial Management Corp
First National City Bank of New York
FIS
Fiserv
FraudSight
GE Capital Retail Bank
Global Payments
Gmail
Goldman Sachs
Google
Google Pay
Google Wallet
Green Dot
Grubhub
Heartland Payment Systems
Hilton
Home Depot
IBM
ICBA
Interbank Card Association
Interlink
JC Penney
Jeanie
JPMorgan Chase
La Banque Postale
Libra
MABA
Macy's
Maestro
Master Charge
Mastercard
Microsoft
Mid-America Bankcard Association
Morgan Stanley
N26
National Data Corporation
National-BankAmericard
NationsBank
Navy
Nets
Netspend
Nissan
Nova Information Systems
NYCE
OakStone Financial
OnDeck
Orbital
PayPal
PayPros
PaySimple
Plaid
PNC Bank
PULSE
Quorum
RBS
Realex Payments
Regulation II
Revolut
Roostify
Sage
Samsung Pay
Santander
Sears
Sezzle
Shell
SICOM
Signet Financial
Simple
Square Cash
Stanford Federal Credit Union
STAR
Starbucks
Stockpile
Stripe
SunTrust Bank
Synchrony Financial
TCH
TD Bank
The Clearing House
Transfast
Transfirst
TSYS
U.S. Bancorp
U.S. Bank
U.S. Payments Forum
United Airlines
US Treasury
USAA
Vantiv
Venmo
Visa
Vyze
Walmart
Wells Fargo
Worldpay
Zelle

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Available for 72 markets, Verisk Financial Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data, and conduct in-depth interviews with senior industry executives and experts.

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