Inside the Payment World: The Big Players in Credit Card & Electronic Payments

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You are browsing the internet and suddenly come across a wonderful product that you require. You click on the buy button to add that product to your cart, aprovide your credit card information for payment, and have it delivered to your doorstep from another corner of the world. Do you think it is as simple as it looks?

Certainly not! A lot is being done behind this simple transaction, and this all happens with the support of payment processing companies that make your online transaction possible. According to PwC, online cashless payments are expected to increase by more than 80%, rising from trillion to $1.9 trillion during the years 2020 to 2025 and almost tripling by 2030.

Let’s find out who these big players in the market are and who makes these payments possible and secure for a regular consumer like you.

Global Card Companies by Market Share of Purchase Volume in 2023

According to the Nilson Report in 2023, here are some major card networks that own a major market share of about 97% in purchase transactions:

VISA — 29.8% Global Market Share

VISA began in 1958 and is one of the most popular credit card companies worldwide. It is even considered the top credit card company with about $3.027 Trillion in market share globally.

On the other hand, Visa debit has a Market share of about $3.188 Trillion and a Global share of $10.168 trillion. It enables consumers to make payments worldwide at millions of merchants.

It provides its users with the convenience of global acceptance and many security features, such as EMV chip technology, tokenization, and fraud detection characters. Moreover, these cards offer a wide range of transaction options, including contactless payments by just tapping the card or phone on the device.

Masterсard — 14.1% Global Market Share

Masterсard is one of the largest credit card companies in the world with its presence in about 210 countries. This credit card company occupies $1.432 Trillion of the global market share and works in association with millions of merchants and financial institutions worldwide.

Mastercard was launched in 1966 and developed its credit cards to the needs of the consumer. Mastercard provides unique experiences to its consumers, especially during traveling, it is easy to make payments at airports, sports, or entertainment.

American Express — 11.3% Global Market Share

American Express is an American Bank holding company headquartered at 200 Vesey Street, also known as American Express Tower. It holds $1.144 Trillion of market share in the global purchase market.

It is very famous for its premium card service that gives exclusive benefits to users who are either affluent consumers or frequent travelers. It is a perfect choice for those, who seek luxury and comfort at the same time.

Discover — 2.1% Global Market Share

Discover is an American financial institution popular for giving lucrative rewards with no annual deductions. It was founded in 1985 in Chicago and has $0.218 Trillion of purchase market share globally.

Big Payment Processing Companies Worldwide

The Statista research shows that these are some of the major payment processing companies as of December 2023:

PayPal — 40.52%

Inside the Payment World: The Big Players in Credit Card & Electronic Payments

PayPal is a leading payment processing company renowned globally. Founded in 1998, it has dominated the online payment industry from the very beginning. Paypal is also one of the first online payment companies to play a role in digitalizing the banking sector. Moreover, the drastic number of users clearly shows how famous it is.

Stripe — 20.52%

Stripe launched in 2010 in San Francisco. It is a financial software company that very quickly gained popularity, mostly due to the dynamic evolution of the e-commerce industry.

Enterprises can easily take online payments and process them through their APIs. It has already proven to be one of the trustful partners helping its clients to innovate and drive the future of online payments securely.

Amazon Pay — 4.91%

Amazon Pay is an online wallet service offered by Amazon. It was founded in 2007 and is based in Seattle. This digital wallet lets its users make payments to third-party companies with a seamless and secure checkout experience. Amazon also allows the merchant to advertise its catalog on Amazon and benefit from other Amazon services.

Conclusion

So, the payment you make from the comfort of your home in bed is being facilitated by various factors that are managed by these payment processing companies. Their vast network throughout the world makes it happen for the consumer. The role of these companies in the digitalization of the banking sector is indispensable and they are playing their part well.

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