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Spending at Merchants Using U.S. CardsReached USD 6.7 Trillion
Aug 08, 2019 (1 day ago) | PRN
CARPINTERIA, Calif: Credit, debit, and prepaid cards issued in the UnitedStates generated USD 6.699 trillion in purchase volume (spending for goodsand services) in 2018, according to The Nilson Report, the leading card andmobile payment trade publication.
Credit cards accounted for 54.90% of allpurchase volume, down from 55.07% in 2017.Debit and prepaid card market share was45.10%, up from 44.93% the prior year. Debitcards gained market share for the first timesince 2011.
The top 10 issuers based on combined purchasevolume remained in the same position in 2018compared to 2017. JPMorgan Chase continuedas the largest issuer of consumer and
commercial credit, debit (including EFT network), and prepaid cards with a combinedpurchase volume of $1.064 trillion in 2018. It was the first payment card issuer whosecustomers generated more than $1 trillion in spending in one year.
American Express remained the largest issuer based on credit card purchase volume,followed by JPMorgan Chase, Citibank, Bank of America, and Capital One in the top five.Wells Fargo was the largest issuer based on debit, followed by Bank of America, JPMorganChase, PNC Bank, and U.S. Bank. The largest prepaid card issuer was The Bancorp Bank,followed by MetaBank, Green Dot, Comerica Bank, and JPMorgan Chase.
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