Payment Card Volume Topped $40 Trillion Worldwide in 2022
SANTA BARBARA, Calif., May 24, 2023 (GLOBE NEWSWIRE) — New data from the Nilson Report shows that purchases of goods and services tied to credit, debit and prepaid cards combined with credit card cash advances and debit card withdrawals reached $40.645 trillion in 2022. This was a 4.4% increase over 2021. For the first time in the history of the global payment card industry total volume exceeded $40 trillion.
Total volume was generated by cards carrying the brands of Visa, UnionPay, Mastercard, American Express, JCB and Diners Club/Discover. These are the networks with global merchant and ATM acceptance locations. Collectively, global network cards generated 624.86 billion transactions worldwide to purchase goods and services in 2022, up 7.5% over 2021.
“Transactions on global card networks grew in 2022 and opportunities exist for continued growth in all world regions over the next five years,” said David Robertson, Publisher of the Nilson Report.
China-based UnionPay ranked as the largest global network when measuring market share of total volume. Cards with the UnionPay brand accounted for $40 out of every $100 in total volume. Those cards accounted for 34% of card purchase transactions worldwide.
Visa brand credit and debit cards accounted for 35% of total volume worldwide in 2022, second to UnionPay. However, Visa’s 39% market share of all payment card purchase transactions made it the top global network in that category.
Mastercard ranked third largest worldwide with a 20% share of total volume and a 24% share of all card transactions for purchases of goods and services.
The Nilson Report’s latest issue, #1241, also includes figures for American Express, JCB and Discover/Diners Club.
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For more than 52 years, the Nilson Report has been the most respected provider of data and news about the payment card industry. Available worldwide by subscription only, the Nilson Report surveys over 2,000 financial institutions and other payment card businesses to produce statistics about card issuers, card networks, merchant acquirers and technology providers. This business intelligence is not available from any other source. The twice-monthly newsletter also includes informative feature articles, concise updates regarding new products and services, monthly listings of investments and acquisitions by companies in the payment industry and news about executive appointments.
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SOURCE: the Nilson Report, www.nilsonreport.com
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