ISSUE 1182

SEPTEMBER 2020

ARTICLES IN THIS ISSUE

p4 POS Terminals Shipped p12  ommercial Cards in the

C
Worldwide by Manufacturer United States — Part 3

p8 Prepaid Cards in the U.S. p13  iserv and Amazon Launch

F
Pay by Voice for ExxonMobil
p9  ingerprint Cards and Infineon
F
Biometric Partnership p14  uy Now, Pay Later at
B
Mastercard
p10 Asia–Pacific’s Largest Acquirers

POS Terminal Shipments

Worldwide by Region
Shipments of point-of-sale terminals to all world regions reached 128.2 million last year,
up 24.2% from 2018. Over 67% of those shipments went to the Asia–Pacific region.
Read full article on page 4

TERMINALS SHIPPED IN MILLIONS

ASIA- LATIN 2019 VS. 2018
PACIFIC AMERICA EUROPE U.S. MEA CANADA
2019 2018
67% 15% 7% 5% 5% <1%
86.2

69.3

MARKET
18.9
SHARES IN
13.8
2019
9.5
7.9
6.7 6.5
6.4
5.5

ASIA– LATIN EUROPE U.S. MEA

© 2020 Nilson Report PACIFIC AMERICA

FOR 50 YEARS, THE LEADING PUBLICATION COVERING PAYMENT SYSTEMS WORLDWIDE

 CONTENTS
COVER STORY

POS Terminals Shipped Amazon.com already has

Worldwide payment card data or ACH
Shipments shown by region include countertop, multilane,
tablet, and handheld terminals with integrated chip and/or details for over 150 million
mag-stripe readers, as well as mPOS, unattended devices, and
terminals that can read both QR codes and cards.
U.S. consumers
p4

Prepaid Cards in the U.S.

The 25 largest issuers generated $198.97 billion in purchase Fiserv and Amazon Launch
volume, up only slightly from $196.09 billion in 2018. Pay by Voice for ExxonMobil
p8 Customers can initiate payments at 11,500 Exxon and Mobil
stations in the U.S. without any additional downloads.
p13
Biometric Card Partnership
The deal between Infineon and Fingerprint Cards is aimed
at reducing the cost of biometric-based payment cards. Buy Now, Pay Later
p9
at Mastercard
The company is partnering with Tsys in the U.S. to support

45.6
BNPL loans tied to Mastercard credit and debit accounts.
p14

billion transactions Investments and

from general purpose cards occurred Acquisitions in 2020
at 20.3 million merchant outlets Eight tables published so far this year list 448 transactions
in 47 countries including the transactions listed here.
p14

Asia–Pacific’s 34 Largest
Acquirers REGULAR FEATURES
Collectively they handled $3.814 trillion in
purchase volume from cards carrying global p3 First Look
and domestic-only brands.
p10 Conferences and Seminars
(now online only)

Commercial Cards in the

United States — Part 3 CORRECTION TO AN ARTICLE IN ISSUE 1181

Purchase volume of $1.523 trillion on Amex Buys Kabbage

commercial cards was up 9.2% in 2019.
The article stated that American Express One AP was aimed at
p12
businesses with annual revenues ranging $10 million to $30 million.
In fact, revenues can range up to $300 million.

PHOTO CREDITS: Cover and back page Stephan Schmid on Unsplash; p2 Daniel Asaki (left) and Rylan Hill (right) on Unsplash;
p4 Pierre Axel Cotteret on Unsplash; p9 Christof W on Unsplash; p14 Maxence Pira on Unsplash
First Look
NETCASH, which processes over two
million bill payments for small merchants
in South Africa, has added QR code
payments from Zapper and SnapScan
to the methods supported on its Pay
Now Online Payment Gateway, Pay Now
Invoice billing platform, and Pay Now
Request service.
Charles Pittaway is Managing Director at Netcash,
charles.pittaway@netcash.co.za, www.netcash.co.za.
Brett White is CEO at Zapper, brett.white@
zapper.com, www.zapper.com. Chris Zietsman is
CEO at SnapScan, chris@snapscan.co.za,
www.snapscan.co.za.
FIS offers Access Worldpay, a suite of
application programming interfaces that
provide a single point of integration for
merchants to accept more than 300 pay-
ment methods in 126 currencies across
146 countries. One benefit of the native
APIs built into Access Worldpay is that
they remove many barriers to in-house
application development for merchants.
Shane Happach is EVP, Head of Global eCommerce,
Worldpay Merchant Solutions, FIS, shane.happach@
fisglobal.com, www.fisglobal.com.
TRANSACTION NETWORK SERVICES
offers retailers with automated fuel dis-
penser equipment pricing bundles and
incentive programs when they upgrade
their equipment to EMV capability. The
deadline for the fuel retailers to support
EMV payments at the forecourt to avoid
the liability shift is less than a year away.
Dan Lyman is Head of FinTech Payments for North
America, dlyman@tnsi.com, www.tnsi.com.
SEZZLE, an installment payment
platform provider, has launched a
virtual card that Apply Pay and
Google Pay consumers can use to pay
for in-store transactions. Marqeta is
providing the technology to issue the
virtual card numbers.
Killian Brackey is CTO at Sezzle, killian.brackey@
sezzle.com, www.sezzle.com.
News in brief on payment industry trends around the world.
BANK OF IRELAND offers Google Pay
to customers for personal debit and
credit cards as well as business debit
cards. Google Pay is a digital wallet and
online payment system that facilitates
in-app and tap-to-pay purchases on
mobile devices.
Christine Hamill is Director of Business
Transformation at Bank of Ireland, christine.hamill@
boi.com, www.boi.com.
EVO PAYMENTS, provider of payment
technology integrations and merchant
acquiring, has formed a partnership
with On Track Innovations (OTI) to
provide end-to-end payment services
to independent software vendors and
merchants with unattended retail instal-
lations. The relationship leverages OTI’s
expertise in kiosks, automated retail,
laundromats, vending machines, micro-
markets, EVO charging stations, games,
transit, and more.
Brendan Tansill is President, the Americas at EVO,
brendan.tansill@evopayments.com,
www.evopayments.com. Yehuda Holtzman is CEO at
OTI, yehuda@otiglobal.com, www.otiglobal.com.
WOMPLY, a platform that provides apps,
APIs, marketing, and financial tools to
support local commerce, has launched
Womply Bills, which lets business owners
pay any bill with a credit card, even
where cards are not accepted. Business-
es identify who they are paying, when the
payment should be sent, and the amount
of the payment. Womply adds a 3% fee
on top of the payment.
Toby Scammell is CEO, toby@womply.com,
www.womply.com.
VIVA WALLET will open JCB card accep-
tance to all of its 90,000+ merchant
customers in 23 countries in Europe.
Makis Antypas is CIO at Viva Wallet, makis@
vivawallet.com, www.vivawallet.com. Thomas Heigl
is SVP, Sales and Marketing, Europe at JCB, theigl@
jcbeurope.eu, www.jcbeurope.eu.
NILSON REPORT 3
www.nilsonreport.com
AFTERPAY has expanded its buy now,
pay later installment payment service to
consumers and merchants in Canada. In
July 2020, Afterpay had nearly 12 million
app and U.S. site visits. Afterpay’s U.S.
Shop Directory contributed nearly 9.5
million lead referrals to its retail partners.
More than 90% of Afterpay purchases
are made with debit cards.
Nick Molnar is CEO, North America at Afterpay, nick@
afterpay.com.au, www.afterpay.com.
ZUORA, a top subscription management
platform provider, has expanded its part-
nership with GoCardless, a specialist in
handling recurring payments pulled from
debit accounts. The partnership covers
the U.S., the U.K., Europe, Australia,
New Zealand, and Canada.
Chris Battles is CPO at Zuora, cbattles@
zuora.com, www.zuora.com. Carlos Gonzalez-Cadenas
is COO at GoCardless, carlos@gocardless.com,
www.gocardless.com.
ALLY LENDING, the personal lending
arm of Ally Bank, is the first installment
loan lender on the Vyze platform. Vyze
is a unit of Mastercard. The fully digital
application process supports purchases
up to $40,000 with monthly fixed-rate
installment loans extending from
6 months to 60 months.
Hans Zandhuis is Head of Ally Lending,
hans.zandhuis@ally.com, www.ally.com. Mitch Ferro
is CEO of Vyze at Mastercard, mitch.ferro@
mastercard.com. www.mastercard.com.
ADVANZIA BANK, based in Luxembourg,
issues a Mastercard Gold credit card
for Sweden-based e-scooter company
Voi. Cardholders collect miles with every
payment, which can be redeemed for
free e-scooter rides. The card is available
in Germany and will be introduced in
additional countries in the near future.
Johannes Neander is CCO at Advanzia Bank,
johannes.neander@advanzia.com,
www.advanzia.com.
 POS Terminals
COVER STORY

Shipped Worldwide

Shipments of point-of-sale terminals reached 128.2 million in
2019, up 24.2% over 2018. That was an increase of 25.0 million
units year over year. Shipments by region are shown on pages 6
and 7. Those shipments included countertop, multilane, tablet,
and handheld terminals with integrated chip and/or magnetic-
stripe card readers, as well as unattended payment devices,
terminals that can read QR codes that also accept cards, and
biometric payment terminals, plus PCI DSS approved chip &
PIN devices, approved chip & signature devices, and mPOS
devices not connected via a smart mobile device.
We do not include smartphones used as POS terminals,
peripheral PIN pads, island card readers, terminals that
read QR codes but do not accept cards, card reader dongles
inserted in smartphones or tablets, magnetic-stripe card
readers connected to electronic cash registers (ECRs) or
PC-based systems, other card readers, or ECRs or PC-based
systems themselves.
Shipments of newly manufactured POS terminals into the
Asia–Pacific region increased 24.5% in 2019 to 86.2 million
devices. The market share of worldwide shipments for Asia–
Pacific was 67.25% in 2019, up from 67.12% the prior year.
Leading shipments to the Asia–Pacific region was Tianyu
Information Industry based in Wuhan, China. Of its 13.1 million
total units shipped, 6.3 million were terminals that read QR
codes and accept cards. Tianyu shipped 9.0 million more units
in 2019 than in 2018, an increase of 217.0%. China was Tianyu’s
largest market, followed by Azerbaijan and Indonesia.
New POS Technology ranked second largest based on
shipments to the Asia–Pacific region. It shipped 6.1 million
more units in 2019 than in 2018, an increase of 264.8%. Its
largest markets were China, India, and Japan.
Pax Technology continued as the largest manufacturer serving
the Latin America region. It shipped 1.4 million more units in
2019 than in 2018.
Shipments by Type of Device
in Millions with Market Shares
MPOS OTHER

The Latin America and Caribbean region received 18.9 million

POS terminals last year, up 36.9%. The market share for Latin CHIP & PIN TRADITIONAL
America grew to 14.73% from 13.38%. 49.1 58.7

Shipments to Europe reached 9.5 million units, up 7.6%.

Europe’s market share dropped to 7.43% from 7.61%. 46%
38% 128.2
The United States received 6.7 million units, up 22.3%.
However, its market share declined to 5.23% from 5.32%.
The Middle East–Africa region received 6.5 million terminals,
an increase of 1.0%. Its market share fell to 5.08% from 6.25%.
POS terminal shipments to Canada reached 0.4 million units, CHIP & 6% 7%
an increase of 6.5%. Canada’s market share fell to 0.28% SIGNATURE QR CODE
from 0.32%. 7.8 9.2

NO SMART UNATTENDED Note: Biometric

© 2020
DEVICE (2%) (1%) Terminals (<1%)
Nilson Report 2.3 0.9 0.3 mil.

4 NILSON REPORT September 2020 Issue 1182

The majority of its terminals were chip Prior issues: 1166, 1162, 1160, 1154, 1152, 1151, 1146,
& PIN devices, followed by traditional 1145, 1144, 1143, 1142, 1141
POS terminals. It also shipped biometric
payment terminals, unattended devices, p6
and QR code terminals that also
accept cards.

BBPOS remained second largest in Latin

America. It shipped 200,000 more units mPOS Devices Shipped in 2019
than the prior year. The majority of its
devices were chip & PIN. Chip & PIN Chip & Signature
Shipments to Europe were led by RANK MANUFACTURER TERMINALS RANK MANUFACTURER TERMINALS
Ingenico, with Verifone remaining
1 Shenzhou Anfu Technology 6,076,560 1 BBPOS International 3,291,268
second largest. Datecs, based in
Bulgaria, was third largest with an 2 Itron Electronics 5,600,000 2 Centerm Information 2,901,122

increase of 300,000 units. The majority 3 Tianyu Information Industry 5,435,880 3 Dspread Technology 731,400
were chip & PIN devices. Shipments
4 Newland Payment Technology 4,753,720 4 SZZT Electronics 547,700
from fourth ranked Dspread grew by
300,000. Dspread shipped chip & PIN 5 Pax Technology 4,693,202 5 Xinguodu Technology (Nexgo) 170,021

devices and mPOS devices that do not 6 New POS Technology 4,621,422 6 Justtide Technology 100,000
require a connection to a smart device.
7 Xinguodu Technology (Nexgo) 3,264,847 7 CyberNet 37,200

In the Middle East–Africa region, Bitel 8 MoreFun Electronic Technology 3,000,052 8 Feitian Technologies 28,000
was the largest manufacturer, followed 9 Dspread Technology 2,879,400 9 SCSpro 5,000
by Pax and Castles.
10 Ingenico 1,900,000 TOTAL 7,811,711

Verifone and Ingenico continued as 11 Verifone 1,507,683

the top suppliers of terminals to the
12 Datecs 1,346,489
United States. For shipments to Canada,
Ingenico, Dspread, and SZZT Electronics 13 YouTransactor 926,500

were the largest. 14 BBPOS International 698,531 Not Connected to

15 TopWise Communication 646,195
Smart Device
Of all POS terminals shipped worldwide
last year, 59.2 million (46.1%) were 16 Sunyard Technology 516,000 RANK MANUFACTURER TERMINALS

mobile (mPOS) devices. All units 17 Vanstone Electronic (Aisino) 290,000 1 Newland Payment Technology 687,470
shown are PCI DSS approved. They
18 Gertec Brasil 242,948 2 WizarPOS International 521,700
communicate with tablets and other
terminals via Bluetooth or USB, 19 CyberNet 178,000 3 TopWise Communication 470,463
although 3.9% do not need to be 20 Spectra Technologies 172,860 4 Dspread Technology 276,700
connected to another smart device.
21 SZZT Electronics 154,100 5 Gertec Brasil 101,621

Shenzhou Anfu, Itron Electronics, 22 First Data 90,000 6 SZZT Electronics 92,000
Newland, Tianyu, Pax, New POS, 7 Xinguodu Technology (Nexgo) 62,406
23 Feitian Technologies 24,400
BBPOS, Dspread, Xinguodu,
24 Panasonic 12,000 8 New POS Technology 15,173
MoreFun, and Centerm were the top
providers of mPOS devices in 2019. 25 Thumbzup 8,200 9 BBPOS International 14,851
All are headquartered in mainland 10 Yarus 14,700
26 Worldline 6,115
China, except for BBPOS, which is
27 NewNote Solutions 6,000 11 Panasonic 14,000
headquartered in Hong Kong.
28 Waypotat Industry 1,260 12 Uniform Industrial Corp. (UIC) 12,929
The table at right shows the shipment
29 MagTek* 750 13 Waypotat Industry 1,280
totals worldwide by mPOS type. The
tables on pages 6 and 7 show the total TOTAL 49,053,114 TOTAL 2,285,293
POS terminals shipped by region and
Devices are PCI DSS approved. They communicate with terminals via Bluetooth or USB or are other mPOS
manufacturer and the number of mPOS units not connected to a smart device. Figures shown here are included in the figures shown on pages 6 and 7.
units included in those totals. *Estimate. © 2020 Nilson Report

NILSON REPORT 5
www.nilsonreport.com
 Prepaid Cards in the U.S. 

Manufacturers of POS Terminals Shipped in 2019 Middle East and Africa

COVER STORY CONTD.

Asia–Pacific
with Totals and mPOS Devices RANK MANUFACTURER TOTAL MPOS

1 Bitel 901,000 —
Latin America Received 17.0 million
2 Pax 586,009 — Europe
RANK MANUFACTURER TOTAL MPOS more units in 2019
3 Castles 565,000 —
1 Pax 6,513,002 3,527,101
than 2018
4 Verifone 557,983 12,983 Shipments up 7.6%
2 BBPOS 2,534,922 2,534,922
Canada United States 5 Dspread 425,500 425,500 from 2018
3 Ingenico 2,523,650 440,000 Asia – Pacific
6 Newland 398,400 43,200
RANK MANUFACTURER TOTAL MPOS 4 Verifone 2,272,110 384,700 Europe RANK MANUFACTURER TOTAL MPOS
Shipments up 6.5% 7 SZZT 381,500 —
1 Verifone 1,862,000 340,000 5 Dspread 1,203,000 1,203,000 RANK MANUFACTURER TOTAL MPOS 1 Tianyu 13,090,110 5,327,080
over 2018 8 Ingenico 324,000 40,000
2 Ingenico 1,272,990 220,000 6 YouTransactor 821,000 821,000 1 Ingenico 3,220,000 300,000 2 New POS 8,405,491 4,626,378
9 CyberNet 297,850 106,000
3 First Data 884,300 90,000 7 Castles 733,000 — 2 Verifone 1,621,200 283,000 3 Xinguodu 7,778,891 3,460,193
U.S. 10 Justtide 235,000 70,000
4 BBPOS 798,329 798,329 8 Gertec 345,253 344,569 3 Datecs 1,174,362 1,165,773 4 Newland 7,669,500 5,075,400
11 Sunyard 225,640 160,600
5 Castles 512,000 — 9 Newland 302,400 270,400 4 Pax 743,002 — 5 MoreFun 7,600,000 3,000,000
12 Smartpeak 215,000 —
Received 1.2 million 6 Equinox 267,000 — 10 Wiseasy 214,587 — 5 Dspread 408,900 408,900 6 Ingenico 6,551,044 900,000
13 Spectra 200,150 95,200
more units in 2019 7 UIC 238,033 11,928 11 SZZT 178,200 94,700 6 Castles 375,000 — 7 Shenzhou Anfu 6,079,060 6,076,560
than 2018 14 Bluebird 200,015 —
8 Pax 225,901 488 12 CyberNet 173,100 32,700 7 Spire 265,837 — 8 Itron 5,620,000 5,600,000
15 Xinguodu 193,016 7,064
9 USA Technologies 144,504 — 13 Spectra 157,300 32,010 8 Newland 239,790 52,190 9 Centerm 5,394,039 2,850,988
Canada 16 Telepower 130,114 —
10 Square 138,410 — 14 Yarus 110,500 8,500 9 Yarus 210,700 4,700 10 Pax 2,951,999 1,165,613
RANK MANUFACTURER TOTAL MPOS
17 Vanstone 130,000 50,000
11 SZZT 121,700 55,100 15 Justtide 110,000 30,000 10 Worldline 159,533 6,115 11 Verifone 2,531,200 487,000
1 Ingenico 123,000 — 18 Spire 114,231 —
12 Nayax 65,000 — 16 TopWise 108,878 108,878 11 Telepower 153,267 — 12 Dspread 1,803,400 1,770,900
2 Dspread 60,500 60,500 19 TopWise 73,544 73,544
13 Newland 45,600 — 17 Datecs 95,691 95,691 12 Smartpeak 127,000 — 13 Vanstone 1,320,000 200,000
3 SZZT 53,400 26,000 20 Urovo 57,665 —
14 Datecs 23,438 23,438 18 New POS 78,161 9,203 13 Xinguodu 116,046 28,387 14 Sunyard 1,197,406 289,000
4 Verifone 35,100 — 21 WizarPOS 57,000 57,000
15 Dspread 18,700 18,700 19 Bitel 55,000 — 14 CyberNet 82,600 16,500 15 Castles 1,030,000 —
5 Castles 12,000 — 22 Tianyu 55,000 55,000
16 Yarus 18,700 — 20 Tianyu 53,800 53,800 15 Bitel 80,500 — 16 TopWise 927,228 927,228
6 Bluebird 10,429 — 23 New POS 46,333 497
17 WizarPOS 17,000 17,000 21 Centerm 51,033 50,134 16 Nayax 75,000 — 17 SZZT 898,000 618,000
7 YouTransactor 10,000 10,000 24 Datecs 33,255 27,531
18 Centerm 12,351 — 22 Vanstone 40,000 20,000 17 Vanstone 70,000 20,000 18 Wiseasy 727,011 —
8 Smartpeak 8,200 — 25 Yarus 28,600 1,500
19 Urovo 6,270 — 23 Sunyard 39,390 23,500 18 Sunyard 50,650 41,000 19 BBPOS 665,943 665,943
9 Yarus 8,000 — 26 Waypotat 28,272 760
20 Smartpeak 6,000 — 24 Telepower 39,229 — 19 YouTransactor 45,000 45,000 20 Smartpeak 642,000 —
10 WizarPOS 6,500 6,500 27 Nayax 15,000 —
21 Xinguodu 5,820 100 25 Urovo 37,036 — 20 NewNote 42,652 6,000 21 Urovo 471,960 —
11 USA Technologies 5,144 — 28 Centerm 8,715 —
22 Waypotat 4,980 1,780 26 Xinguodu 36,794 1,530 21 First Data 37,000 — 22 Bitel 414,200 —
12 Nayax 5,000 — 29 NewNote 7,625 —
23 MagTek* 4,960 750 27 WizarPOS 31,000 31,000 22 Justtide 30,000 — 23 Justtide 388,000 —
13 Urovo 2,683 — 30 Thumbzup 7,550 7,500
24 YouTransactor 3,000 3,000 28 Smartpeak 19,000 — 23 CCV 29,500 — 24 WizarPOS 383,800 383,800
14 Newland 2,500 — TOTAL 6,507,048 1,236,889
25 Bluebird 2,966 — 29 Bluebird 5,227 — 24 New POS 27,930 514 25 Spectra 329,846 45,300
Total includes: YouTransactor (2,500), Shenzhou
15 First Data 2,480 —
26 Telepower 2,677 — 30 Nayax 3,500 — Anfu (2,500), Worldline (805), First Data (800), 25 WizarPOS 26,400 26,400 26 Telepower 295,020 —
16 Equinox 2,470 — MoreFun (523), BBPOS (500), UIC (342),
27 Vanstone 2,000 — TOTAL 18,891,027 10,120,546 Linkwell (111). 26 Urovo 26,158 — 27 CyberNet 258,000 60,000
17 New POS 1,752 3
28 TopWise 1,768 1,768 Total includes: Feitian (3,200), First Data (1,100), 27 SZZT 25,000 — 28 Panasonic 231,000 26,000
18 Sunyard 1,100 900 Waypotat (380), Spire (356), MoreFun (228). Middle East and Africa
29 New POS 1,434 — 28 Spectra 16,401 350 29 Linkwell 229,348 —
19 Vanstone 1,000 —
30 Sunyard 1,000 1,000 29 Bluebird 15,960 — 30 Yarus 65,000 —
20 Pax 801 — Latin America Shipments up 1.0%
TOTAL 6,710,097 1,583,391 30 Payter 9,802 — TOTAL 86,225,571 43,689,139
21 Square 644 — from 2018
Total includes: Worldline (625), Bitel (600), Spire TOTAL 9,530,244 2,416,245 Total includes: Datecs (53,270), Toshiba Tec
22 Xinguodu 215 — (26), MoreFun (15). *Estimate.
Shipments up 36.9% (50,000), Feitian (48,000), YouTransactor
Total includes: UIC (6,674), TopWise (5,240), (45,000), SCSpro (32,000), Worldline (20,049),
23 MoreFun 5 5 from 2018 Centerm (5,089), BBPOS (4,956), Waypotat Nayax (18,000), UIC (3,375), Bluebird (3,000),
(1,800), Feitian (1,200), MoreFun (95). Spire (1,803), First Data (1,400), Thumbzup (700),
TOTAL 352,923 103,908 Waypotat (478).

6 NILSON REPORT September 2020 Issue 1182 NILSON REPORT 7

www.nilsonreport.com
  POS Terminals Shipped Worldwide

Prepaid Cards in the U.S.

The 25 largest Visa, Mastercard, and Discover brand prepaid
card issuers in the U.S. combined to generate $198.97 billion
in purchase volume for goods and services in 2019, up 1.5%
compared to spending tied to cards issued by the 25 largest in
2018. Purchase volume was initiated by 5.74 billion purchase
transactions, up 2.3% over 2018. The purchase volume per
card averaged $484 and the per transaction average was $35.
Cash withdrawals at ATMs or obtained over the counter are
not included in purchase volume anywhere in the table below.
Prepaid cards in circulation from the 25 largest issuers with
Visa, Mastercard, and Discover brands grew 7.8% over year-end
2018 and reached 411.4 million at December 31, 2019. Those
cards include reloadable as well as one-time-only cards issued
with a defined monetary value.

Top 25 U.S. Issuers of Prepaid Cards

Ranked by Purchase Volume in 2019
Purchase Volume Cards Purchase Transactions
RANK COMPANY (MIL.) CHANGE (000) (MIL.) CHANGE

1 The Bancorp Bank $47,925.0 14.4% 149,556 1,191.4 20.6%

3
MetaBank

Green Dot Bank 1

$36,184.0

$27,004.0
-4.1%

3.9%
103,092

5,040
1,060.6

905.6
-5.4%

2.1%
66%
4 Comerica Bank $20,581.2 5.3% 10,631 600.2 2.0%

5 JPMorgan Chase $13,700.0 -26.7% 9,220 381.4 -11.3%

6 Axos Bank $10,407.5 6.9% 7,606 294.4 7.5%

7 Bank of America $8,503.8 0.2% 23,621 275.9 -2.4% The top 4 issuers
8 Fifth Third Bank $6,525.8 1,145.0% 9,550 245.7 1,156.8% generated $131.69 billion
9 UMB Bank $5,060.5 1.7% 6,142 55.2 -2.7%
in purchase volume,
accounting for 66% of
10 U.S. Bank $4,918.5 -8.5% 26,667 185.8 -7.9%
the total for the top 25
11 Sunrise Banks $3,851.4 -2.1% 31,535 181.9 1.4%

12 Sutton Bank 2 $3,348.4 5.8% 9,435 75.4 2.9%

13 Webster Bank (incl. HSA Bank) $2,673.4 10.0% 3,476 24.8 9.4%

411
14 Comdata $1,751.9 1.0% 416 67.1 -1.4%

15 PNC Bank $1,361.0 -0.9% 1,538 39.0 -16.8%

16 KeyBank $1,137.1 -14.9% 1,739 33.5 -23.5%

million
17 Wells Fargo $875.2 -13.8% 1,296 30.4 -13.6%

18 Metropolitan Commercial Bank $707.4 -1.9% 5,320 15.3 -1.9%

19 Central Bank of Kansas City $625.4 191.7% 1,850 13.4 122.3% cards
20 Truist $565.2 — 285 16.7 — issued by the 25 largest
21 Regions Bank $501.8 7.0% 158 16.8 10.2%
issuers in 2019 were up
7.8% over 2018
22 First Century Bank $232.7 566.4% 143 9.3 866.2%

23 TD Bank $198.1 2.5% 2,252 7.7 4.3%

24 Commerce Bank $177.1 13.2% 151 6.9 12.0%

25 Navy FCU $156.7 3.2% 719 7.2 1.7%

1 Purchase transactions are estimated. 2 All figures are estimated. © 2020 Nilson Report

8 NILSON REPORT September 2020 Issue 1182

 Asia – Pacific’s 34 Largest Acquirers 

Prepaid products include cards purchased by consumers to
pay for goods and services as well as cards issued on behalf of
commercial companies and government entities for payroll, tax
and other refunds, government benefits, rebates, rewards, and
corporate and employee incentives.
The Bancorp Bank continued to rank as the largest U.S. prepaid
card issuer. Its market share of purchase volume among the
25 largest issuers grew significantly to 24.09% last year, up
from 21.36% in 2018. Bancorp Bank’s share of prepaid card
purchase transactions at 20.75% was up from 17.60%.
MetaBank remained the second largest issuer. However, its
market share of purchase volume dropped to 18.19% from
19.24%. Its share of purchase transactions at 18.47% was
down from 19.98%.
Green Dot Bank continued to rank as the third largest issuer.
Its market share of purchase volume increased to 13.57% from
13.25%. Comerica remained the fourth largest. Its market
share of purchase volume increased to 10.34% from 9.97%.
Among the 25 largest issuers, Fifth Third Bank had the
largest increase in purchase volume (up 1,145.0%) due to its
acquisition of MB Financial. Truist, which ranked 20th largest,
reflected the merger of SunTrust and BB&T. Among the other
issuers, First Century Bank was up 566.4% because it now
includes First Covenant Bank. Central Bank of Kansas City’s
purchase volume grew 191.7%, followed by The Bancorp Bank
(up 14.4%), Commerce Bank (up 13.2%), and Webster Bank,
which includes HSA Bank (up 10.0%).
The largest issuers based on number of purchase transactions
were: The Bancorp Bank, MetaBank, Green Dot Bank, Comerica
Bank, JPMorgan Chase, Axos Bank, and Bank of America.
The largest issuers based on number of cards were: The
Bancorp Bank, MetaBank, Sunrise Banks, U.S. Bank, Bank of
America, Comerica Bank, and Fifth Third Bank.
Prior issues: 1158, 1135, 1113, 1091, 1067, 1043, 1020

Biometric Card Partnership

Infineon provides chips used in over 40% of
all EMV-compliant payment cards worldwide.
Fingerprint Cards sensor technology has been Integrating multiple functions
used in every biometric-based contactless
card trial worldwide. The companies have on a single chip will lead to lower
concluded a development deal aimed at
costs per card
accelerating the mass adoption of biometric-
based payment cards by reducing their costs
through deep integration of multiple functions
onto a single chip.

More functionality on a single chip is aimed at

Agricole and BNP Paribas, that country’s IN THIS ARTICLE
reducing all contactless and biometric-related
first and fifth largest payment card issuers,
applications to only two components in the
have announced their intention to launch
manufacturing process while using existing
biometric-based contactless cards for their
card equipment. That would make a biometric
entire portfolios.
contactless card very close in cost to standard
dual-interface cards (contact/contactless)
INTERVIEWED FOR THIS ARTICLE
currently in use. Infineon and Fingerprint
Cards expect their product will have a four- Björn Scharfen is Head of Payment and Transport
Ticketing at Infineon in Munich, Germany,
year to five-year lifecycle to meet the recently
bjoern.scharfen@infineon.com, www.infineon.com.
published certification requirements of Visa
and Mastercard. Michel Roig is SVP and Head of Business Line Payments
and Access at Fingerprint Cards in Malmö, Sweden,
Fingerprint Cards technology has been used michel.roig@fingerprints.com, www.fingerprints.com.
in over 20 biometric-based contactless
card trials worldwide. In France, Credit Prior issues: 1158, 1149, 1143, 1141, 1131, 1124, 1048, 1043, 989

NILSON REPORT 9
www.nilsonreport.com
  Biometric Card Partnership

Asia–Pacific’s
34 Largest Acquirers
The 34 largest acquirers of general purpose card payments
in the Asia–Pacific region based on transactions processed in Top Acquirers of Visa
2019 are ranked here.
and Mastercard Transactions
Collectively, this group processed 18.24 billion Mastercard and Millions
Visa transactions that generated $897.09 billion in purchase
volume for goods and services last year.
BC CARD 2,359
Card purchases were acquired at 20.3 million merchant outlets
in the region.
KB KOOKMIN 2,264
In addition to Mastercard and Visa cards, these acquirers also
processed other global brands—UnionPay, JCB, Diners Club/
Discover, and American Express—as well as domestic-only
WESTPAC 1,843
brands in markets including India, South Korea, and Taiwan.

Global brand and domestic-only cards combined to generate

$3.814 trillion in purchase volume from 45.61 billion ANZ 1,524
purchase transactions last year for these 34 acquirers.

MITSUBISHI 1,415

Top Acquirers of
© 2020 Nilson Report

General Purpose Cards

Ranked by Purchase Transactions in 2019 The 10 largest acquirers processed 36.66 billion
purchase transactions from global and domestic brands, equal
Transactions Volume
RANK COMPANY (MIL.) (BIL.)
to over 80% of all transactions handled by the 34 largest.

1 China UMS 13,800.4 $2,226.74 China UnionPay Merchant Services (China UMS) remained
2 BC Card 5,505.0 $176.36 Asia-Pacific’s largest acquirer. Purchase transactions
processed grew 78% last year.
3 KB Kookmin 3,635.4 $108.40

4 JCB 3,021.1 $211.01 BC Card of South Korea continued as second largest based
on global brand and domestic-only purchase transactions
5 Westpac 2,103.3 $101.54 acquired. Based on purchase transactions processed, the
6 Commonwealth 1,933.8 $105.62 other acquirers in the top 10 were KB Kookmin, JCB, Westpac,
Commonwealth Bank, Samsung Card, ANZ Merchant Services,
7 Samsung Card 1,726.8 $119.63 Hyundai Card, and Mitsubishi UFJ Nicos.
8 ANZ Merchant Services 1,712.0 $75.57
The Other Cards column in the table on page 11 includes 26.80
9 Hyundai Card 1,657.4 $91.73 billion purchase transactions generated by UnionPay, JCB,
10 Mitsubishi UFJ Nicos 1,566.1 $85.55 American Express, Diners/Discover, and domestic-only credit,
debit, and prepaid cards. These card payments combined
Figures include all Asia–Pacific business. Volume is net (gross minus generated $2.853 trillion in purchase volume last year.
chargebacks) for American Express, Diners Club, Discover, JCB,
Mastercard, UnionPay, Visa, and domestic general purpose cards such as
BC, KB Kookmin, Samsung, and epal/EFTPOS. © 2020 Nilson Report

10 NILSON REPORT September 2020 Issue 1182

 Commercial Cards in the United States — Part 3 

Based on Mastercard and Visa purchase transactions acquired,
Korea-based BC Card and KB Kookmin ranked first and second
largest in the region. KB Kookmin moved ahead of Westpac to
gain the second spot. Third ranked Westpac was Australia’s
largest acquirer. Mitsubishi UFJ Nicos continued as the largest
Mastercard and Visa acquirer in Japan.
Those that had higher rankings than last year among the top
acquirers were ICICI (Fiserv) in India, which moved to 6th
place from 8th, and Worldpay from FIS, which moved to 13th
from 15th.
Prior issues: 1159, 1138, 1116, 1094, 1071

Merchant Acquirers in Asia – Pacific

Ranked by Visa and Mastercard Transactions in 2019
Rank Visa and Mastercard¹ Other Cards² Active
POS
TRANSACTIONS VOLUME TRANSACTIONS VOLUME Merchant
Terminals
‘19 ‘18 COMPANY, HEADQUARTERS (MIL.) CHANGE (MIL.) CHANGE (MIL.) (MIL.) Outlets
1 1 BC Card, South Korea 2,359.0 8% $82,695.6 8% 3,146.0 $93,663.0 3,069,000 3,608,587
2 3 KB Kookmin, South Korea 2,264.4 30% $67,037.4 17% 1,371.0 $41,367.3 2,658,942 2,978,697
3 2 Westpac, Australia 1,843.3 -5% $88,762.6 29% 260.0 $12,774.7 139,368 241,348
4 4 ANZ Merchant Services, Australia 1,524.2 4% $66,872.5 -1% 187.8 $8,699.8 148,732 170,821
5 5 Mitsubishi UFJ Nicos, Japan 1,415.1 2% $76,992.2 -6% 151.0 $8,554.7 6,763,155 7,912,892
6 8 ICICI Merchant Services, India 957.0 16% $17,505.0 3% 278.8 $3,222.9 176,675 237,647
7 6 National Australia Bank, Australia 950.4 1% $62,952.5 9% 469.0 $21,287.1 257,975 167,581
8 7 Commonwealth Bank, Australia 870.5 3% $55,422.9 -2% 1,063.3 $50,194.5 177,092 234,423
9 9 Samsung Card, South Korea 864.2 5% $53,648.5 17% 862.6 $65,983.1 2,326,947 2,972,035
10 10 Hyundai Card, South Korea 860.7 7% $45,755.3 15% 796.8 $45,971.1 2,494,608 2,835,509
11 11 Aeon Financial Services, Japan 847.1 9% $43,552.7 12% 306.2 $17,279.0 61,485 75,183
12 12 Credit Saison, Japan 663.0 3% $48,626.4 4% 121.5 $8,522.7 191,611 233,063
13 15 Worldpay from FIS, Singapore 3 411.9 43% $25,433.0 19% 8.5 $690.3 6,585 –
14 14 CTBC, Taiwan 332.2 15% $15,126.6 2% 21.2 $1,032.3 106,682 57,703
15 20 SBI Payment Services, India 272.5 67% $6,781.6 80% 283.7 $3,292.6 466,129 660,588
16 16 ANZ Bank, New Zealand 265.0 8% $10,441.4 4% 475.4 $12,060.9 53,296 79,902
17 17 Global Payments, Hong Kong 4 219.8 9% $31,479.7 4% 22.5 $10,187.9 136,919 96,396
18 18 Kasikornbank, Thailand 198.6 4% $17,865.1 10% 3.4 $521.9 177,499 200,212
19 19 NCCC, Taiwan 178.6 5% $21,267.4 6% 14.3 $1,639.3 93,886 113,529
20 24 HDFC, India 167.2 48% $3,993.7 41% 46.2 $500.8 206,170 307,977
21 23 Orient Corp., Japan 134.1 18% $7,840.6 27% 35.5 $1,922.2 40,684 9,431
22 21 Bank Mandiri, Indonesia 133.9 6% $9,096.7 16% – – 238,158 307,297
23 22 Hang Seng, Hong Kong 129.5 7% $15,328.1 3% 11.2 $3,134.8 13,602 16,226
24 25 Axis Bank, India 100.1 12% $2,672.2 4% – – 83,032 277,278
25 28 First Data Merchant Services, Australia 98.9 103% $5,344.9 48% 15.9 $911.1 18,588 15,554
26 27 First Data Merchant Solutions, Singapore 5 72.4 27% $6,785.0 6% 2.1 $459.0 34,329 32,863
27 26 E. Sun Commercial Bank, Taiwan 70.0 5% $5,362.3 6% 4.1 $220.7 43,110 20,644
28 29 GHL Systems, Malaysia 6 13.6 58% $1,099.4 72% 15.8 $879.1 95,332 95,332
29 30 The City Bank, Bangladesh 7.5 7% $382.6 11% 3.2 $198.0 15,065 26,000
30 31 Sacombank, Vietnam 6.1 16% $415.3 14% 0.2 $16.9 4,939 7,756
31 32 Vietcombank, Vietnam 4.2 1% $460.1 4% – – 8,482 11,401
32 33 Trade and Development Bank, Mongolia 3.6 32% $90.2 21% 5.1 $81.2 3,422 6,763
33 34 China UMS, China – – – – 13,800.4 $2,226,739.5 6,778,731 6,928,943
34 35 JCB, Japan – – – – 3,021.1 $211,011.6 10,439,619 11,714,069

Figures are net (gross minus chargebacks). Change in volume is based on local currency. 1 Visa and Mastercard credit, debit, and prepaid cards including Electron
and Maestro. 2 Includes American Express, Diners Club/Discover, JCB, UnionPay, and domestic debit and credit cards. 3 Includes group data in Asia–Pacific.
4 Estimate. Includes group data in Asia–Pacific. 5 Includes Malaysia, Hong Kong, and Macau. 6 Includes Thailand and Philippines. Note: Wirecard has been
dropped from our ranking because data for its Asia-Pacific business is not reliable. © 2020 Nilson Report

NILSON REPORT 11
www.nilsonreport.com
  Asia–Pacific’s 34 Largest Acquirers

Commercial Cards in the

United States — Part 3
Visa, Mastercard, American Express,
and Discover credit, debit, and prepaid
commercial and consumer cards issued in
the United States generated $6.698 trillion
in purchase volume for goods and services in
2019, an increase of 8.5%. Purchase volume
on commercial cards reached $1.523 trillion,
up 9.2%. On consumer cards, purchase
volume of $5.175 trillion increased 8.4%.
Credit and debit commercial card products
(corporate, purchasing/fleet, small business
credit and debit) are made available to
employees of private companies, government
agencies, and nonprofit organizations. Prepaid
commercial card products are available for
payroll, government benefits, insurance
payouts, disaster relief, and more. Purchase
volume tied to commercial cards amounted
to 22.74% of combined commercial and
consumer card purchase volume last year
compared to 22.61% in 2018.
Based on purchase volume of $661.87
billion, the market share held by all Visa
brand commercial credit and debit cards
was 43.45% versus American Express,
Mastercard, and Discover in 2019. Visa’s share
was 43.22% in 2018.
7.53% compared to 7.60% in 2018. Amex has
some prepaid consumer card products.
Mastercard’s commercial credit and debit
card purchase volume increased 12.3% to Commercial
$428.41 billion last year, giving it a 28.13% Consumer
share of the market. Its market share
was 27.35% in 2018. Purchase volume on
consumer cards with the Mastercard brand
grew 10.2% to $1.272 trillion last year. Its
market share increased to 24.58% from
24.18% in 2018.
For Discover, consumer card purchase volume
grew 5.1% to $144.35 billion last year. Its
market share of consumer card purchase
volume was 2.79%, down from 2.88% in 2018.
Discover offers only one commercial card
product, a small business credit card, which
VISA MC AMEX DISC.
it launched in September 2018. Spending
on that card was $1.84 billion, up 12.0%. Spending on commercial
Discover’s share of commercial card purchase cards reached $1.52 trillion
volume was 0.12%, the same as in 2018.
in 2019 compared to $5.18
For Visa, commercial cards accounted for trillion on consumer cards
16.42% of combined Visa commercial and
consumer purchase volume of $4.031 trillion

Consumer credit and debit card purchase Commercial Cards’ Increasing

volume for Visa was $3.369 trillion last Share of Purchase Volume (%)
year, giving it a 65.10% market share for all
consumer card purchase volume on credit
22.5 22.6 22.7
and debit cards issued in the U.S. That market 22.3 22.3 22.2
share was 65.35% in 2018. 21.8
21.1
For American Express, commercial card
purchase volume was $431.02 billion last year, 19.6
up 5.4%. Amex’s commercial card market 19.0
share was 28.30% in 2019 versus 29.31% in
18.1
2018. American Express has no commercial
debit card products.

Purchase volume on consumer cards at

American Express of $389.57 billion last year ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19
was up 7.4%, which gave it a market share of
© 2020 Nilson Report

12 NILSON REPORT September 2020 Issue 1182

 Buy Now, Pay Later at Mastercard 

last year. For Mastercard, that figure was
25.19% of $1.701 trillion, and for American
Express, it was 52.53% of $820.59 billion.
When measuring only consumer credit
card purchase volume, Visa’s market share
reached 58.22% on $1.589 trillion in spending
in 2019. The prior year, Visa’s share was
58.88%. Mastercard consumer purchase
volume of $606.12 billion gave it a 22.21%
share compared to 21.49% in 2018. For
American Express, consumer card spending
of $389.57 billion gave it a share of 14.28% Prior issues: 1179, 1176, 1159, 1137, 1114,
versus 14.24% in 2018, and Discover’s 1113, 1103, 1093, 1072, 1049, 1026, 1002
consumer purchase volume of $144.35 billion
gave it a 5.29% share compared to 5.39%
in 2018.
When measuring only commercial credit
card purchase volume, Visa held a 40.45%
market share in 2019 compared to 40.33% in
2018. Amex’s share was 34.84%, down from
36.21% the prior year. Mastercard’s share was
24.56% compared to 23.32% in 2018.

Fiserv, Amazon Launch

Pay by Voice for ExxonMobil
Fiserv has rolled out pay-by-voice capability using Alexa, IN THIS ARTICLE
Amazon’s cloud-based voice assistant service, at 11,500
Exxon and Mobil stations in the United States. The partnership
leverages Fiserv’s ability to initiate a payment and unlock
an unattended fuel dispenser from inside a vehicle with
technology to detokenize payments and blend them with all Fiserv’s decryption service for Amazon Pay tokens allows for
other card payments a merchant accepts. Fiserv (through the pay-by-voice service to go live in every Exxon and Mobil
its First Data business unit) was the pioneer in this kind of station immediately without requiring any effort from owners
payment processing. of individual franchises.

Over 150 million consumers in the U.S. already have credit and What Fiserv said its “above site-to-site level” authorization
debit cards as well as ACH details on file for use on service was launched to support ExxonMobil’s Speedpass+
Amazon.com. The company is actively expanding the utility of mobile payment service. Speedpass+ has subsequently been
these relationships through Amazon Pay. incorporated into the ExxonMobil mobile app.

At Exxon and Mobil stations, “Alexa pay for gas” payments can
be initiated without requiring any additional download. The
ability to initiate tokenized card payments is native to Alexa and
can be initiated at the pump by many devices, which include
mobile phones (via the Amazon Alexa app,) Echo Auto, and
Echo earbuds, as well as GM, BMW, and other vehicles with
in-dash integrations. Amazon claimed last year that more than
100 million devices (including smart displays, phones, earbuds,
vehicles, Echo auto devices, and speakers) with Alexa on board
have been sold.
Other companies using Fiserv’s remote authorization service
for payments at the pump include Wex, which facilitates
payments at several merchants via its DriverDash application.
Amazon and ExxonMobil are customers of Fiserv for merchant
acquiring. Fiserv and Amazon are expected to bring pay-by-
voice capability to other fuel retailers as well as other verticals
like grocery, retail, and quick-service restaurants.
INTERVIEWED FOR THIS ARTICLE

Scott Mackay is VP of Global Digital Commerce Solutions at Fiserv in Atlanta,

At Exxon and Mobil stations, Alexa-using consumers will pull Georgia, scott.mackay@fiserv.com, www.fiserv.com.
up to the pump and initiate a payment using the phrase “Alexa,
pay for my gas.” Alexa will connect to Fiserv to identify the Prior issues: 1167, 1164, 1161, 1150, 1148, 1146, 1145, 1138, 1098
gas station and request confirmation from the consumer of
that station as well as the pump number before authorizing
the transaction and unlocking the pump. Alexa informs the
consumer when the pump is ready.

NILSON REPORT 13
www.nilsonreport.com
  Fiserv, Amazon Launch Pay by Voice for ExxonMobil

Buy Now, Pay Later

at Mastercard
Mastercard is pursuing a global effort to
support consumer installment loans by
working with card issuers and merchants
through its Mastercard Consumer Installment
(MCI) platform. The company has signed a
partnership with third party processor Tsys in
the U.S. to support buy now, pay later (BNPL)
loans tied to Mastercard credit and debit
accounts on file.
Tsys, the largest card account processor in the
U.S., is a unit of Global Payments. It is the first
card account processor to form a partnership
with MCI.
IN THIS ARTICLE
INTERVIEWED FOR THIS ARTICLE
Jess Turner is Executive VP, North
America Product and Innovation at
Mastercard in Purchase, New York,
jessica_turner@mastercard.com,
www.mastercard.com.
a purchase. The decision at the point of
sale could be prompted when a card from a
participating issuer is inserted into a terminal
of a merchant that has integrated with MCI.
Outside the U.S., Mastercard has pilot tests in
progress that leverage MCI. It is also working
with alternative lenders Splitit in Asia–Pacific
and Europe, Divido in Europe, and Pine Labs
in South Asia and the Middle East. In Canada
and Europe as well as in the U.S., it works
with Jifiti to offer merchants connected to
the Mastercard network a digital private label
prepaid card.

Tsys and Mastercard will work together to
offer BNPL to their customers. Those card
issuers will market installment loans to their
cardholders. BNPL can include selecting the
payment option ahead of a purchase, at the
point of sale, and after a sale. Issuers fully
control the pricing and number of monthly
installment payments offered.
Post-sale selection of BNPL could be
prompted by a push notification from the
issuer to the cardholder immediately after
Prior issues: 1181, 1179, 1176, 1171, 1170,
1165, 1152, 1149
Mastercard wants to create scale for BNPL
not only on its card rails but beyond. Last
year the company purchased Vyze, which
provides BNPL services to merchants through
partnerships with alternative lenders such as
Zip (which recently acquired QuadPay) and
Fly Now Pay Later.
Mastercard financial institution customers are
able to partner with Vyze, which can operate
anywhere in the world.

Investments and
Acquisitions in 2020

448
Every month we publish a table listing mergers and
acquisitions (M&A), initial public offerings (IPO), and all
other types of financing rounds (crowd, angel, seed, venture,
corporate, private placements, post-IPO) for companies in card
and mobile payments as well as related industries.
transactions
From January 1 through August 31 of this year we published in 47 countries
information on 448 transactions in 47 countries. from January 1 through August 31

14 NILSON REPORT September 2020 Issue 1182

 Message from the Publisher 

Last month, there were 48 transactions in 11
countries. Among deals in which the value
was announced, the top transaction was the
$1.12-billion acquisition of Linx, a software
firm, by StoneCo, a merchant processor/
acquirer in Brazil. Another transaction, the
merger of merchant processor/acquirer
Paya with Fintech III, a special purpose
acquisition company, is said to be valued in
the $1.30-billion range.
Merchant processing/acquiring was the top Prior issues: 1181, 1179, 1177, 1175, 1173,
category by number of transactions with 1171, 1169
seven deals in the U.S., the U.K., Egypt, and
Brazil in August. This category has dominated
our monthly table nearly every month for over
three years. We have identified 91 merchant
processing/acquiring transactions in 2020.

AUGUST 2020

Investments & Acquisitions

COMPANY BUYER/INVESTOR AMOUNT (MIL) COUNTRY COMPANY BUYER/INVESTOR AMOUNT (MIL) COUNTRY

Alternative Lending Mobile Payments

EmpatKali Afterpay 1 * Indonesia Cake Mad Mobile 1 * U.S.
Kabbage American Express 1
* U.S. Viva Republica (Toss) Series G 13 $173.0 South Korea
Koin Despegar 1 $3.7 Brazil Mobile POS
Pagantis Clearpay (Afterpay) 1 * Spain CityCash seed funding 14 $1.0 Indonesia
Splitit post-equity 2
$71.5 U.S. Clik seed funding 15 $3.7 Cambodia
Waddle Xero 1 $58.5 Australia FPL Technologies Series A 16 $10.0 India
ATMs MagicCube corporate round 17 * U.S.
Cash-N-Go Payment Alliance 1 * U.S. Makeba crowdfunding 18 $0.2 U.S.
B2B Payments Orum.io seed funding 19 $5.2 U.S.
Routable Series A 3 $12.0 U.S. Money Transfers
TradeSafe corporate round 4 * South Africa Sendwave WorldRemit 1 $505.0 U.S.
Bill Payments Vitesse PSP Series A 20 $8.6 U.K.
Ayoconnect pre-Series B 5 $5.0 Indonesia Personal Finance
Blockchain /Cryptocurrency Bridge seed funding 21 $1.0 U.S.
Billon Group convertible note 6
$2.8 U.K. Copper seed funding 22 $4.3 U.S.
Quorum ConsenSys 1 * U.S. PayActiv Series C 23 $100.0 U.S.
Card Manufacturing Sync seed funding 24 $7.2 U.K.
Plastic Printing Professionals Bristol ID 1
* U.S. Prepaid Cards
E-Commerce Software Wirecard Card Solutions Railsbank 1 * U.K.
BigCommerce IPO 7
$216.0 U.S. Security
Hardware Vesta unknown venture round 25 * U.S.
ScanSource LATAM Intcomex 1 * U.S. Wirecard Communication Services IDnow 1 * Germany
Loyalty/Offers Software
IfOnly Mastercard 1 * U.S. BankMobile Megalith Financial 1 $140.0 U.S.
TableUp TouchBistro 1 * U.S. Blend Series F 26 $75.0 U.S.
Tail Quantum Group 1 * U.K. Linx StoneCo 1 $1,120.0 Brazil
Merchant Processing/ Acquiring Moov Financial seed funding 27 $5.5 U.S.
Blue Dog Business Services FortisPay 1 * U.S. Open Payments seed funding 28 $3.3 Sweden
Finix Payments Series B 8 $30.0 U.S.
*Terms not disclosed. 1 Acquisition. 2 Combination of a private placement
FinTech III Paya 9 * U.S. and stock purchase. 3 Including BoxGroup. 4 Standard Bank acquired
Paymob unknown venture round 10 $3.5 Egypt 35% equity stake. 5 Led by BRI Ventures. 6 Including The Future Fund.
7 On Nasdaq stock exchange. 8 Including American Express Ventures.
PPro private equity 11 $50.0 U.K.
9 Merger. 10 Led by Global Ventures. 11 Including Citi Ventures. 12 From
Strategic Payment Systems Payroc 1 * U.S. individual investors. 13 Led by Altos Ventures. 14 From Orios Venture
Wirecard Brazil PagSeguro Digital 1 * Brazil Partners. 15 Led by Openway. 16 Led by Hummingbird Ventures. 17 From
Visa. 18 From 95 investors. 19 Led by Acrew. 20 Including Octopus Ventures.
Mobile Commerce 21 Led By Acumen. 22 Led by PSL Ventures. 23 Led by Eldridge. 24 Investors
Cashdrop seed funding 12 $2.7 U.S. not disclosed. 25 From EDBI. 26 Led by Canapi Ventures. 27 Led by Bain
Capital. 28 Led by Industrifonden. © 2020 Nilson Report

NILSON REPORT 15
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