Middle East/Africa’s Largest Acquirers Card Fraud...

5 Card Fraud Projected — Global Losses 7 Market Capitalization & Revenue for

Payment Companies 8 U.S. Visa & MasterCard Commercial Cards

9 Largest U.S. Issuers of Consumer Visa and MasterCard Cards 2014

10 Growth in Fraud vs. Total Card Volume 11 Merchant Acquirers in Middle East/Africa

2 – 4 Fast Facts INSIDE CHARTS

Top U.S. Consumer Credit/Debit IssuersThe table shown on page 9 lists the largest U.S. issuers of Visa and MasterCard credit cards and the largest issuers of Visa and MasterCard debit and prepaid cards based on consumer purchase

Sift Science Ecommerce Fraud ProtectionLarge-scale, real-time, machine-learning-based ecommerce fraud protection is the business of Sift Science. Its technology lets merchants create rules for automated decisions aimed at reducing

U.S. Commercial Bank Cards — Part 2 Visa and MasterCard branded commercial credit, debit, and prepaid cards in the U.S. generated $658.59 billion in purchases of goods and services in 2014, up 12.5% from 2013. Commercial

Capify Alternative Merchant FundingLarge banks have the same fixed costs to fund $20,000 loans to small businesses as they do with $200,000 loans. Most big banks can’t make money on smaller business loans, so they try to satisfy

Middle East/Africa’s Largest AcquirersThe 30 largest merchant card acquirers in the Middle East/Africa region are ranked on page 11. Collectively this group, with acquirers based in 12 countries, processed $164.33 billion

Dinube Mobile Payments in EuropeIn Europe, NFC-based mobile payments at merchant locations are available in the U.K., France, Spain, Denmark, Norway, the Netherlands, the Baltics, Italy, Germany, Switzerland, and

Card Fraud Losses Reach $16.31 Billion

Credit, debit, and prepaid general purpose and private label payment cards worldwide generated $28.844 trillion in purchases of goods and services as well as cash advances and withdrawals in 2014, up 14.7% from the prior year. The total volume figure represents both global brand and domestic-market-only card products.

Publicly Traded Payment CompaniesTurn to page 7 for a list of more than 50 publicly traded companies in the payment industry worldwide. This group excludes full-service commercial banks with card issuing and acquiring

Card Fraud Worldwide1993 – 2014

© 2015 The Nilson Report

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1993 1998 2001 2010 2014

‘94 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14

6.1¢ 4.8¢ 5.5¢ 4.5¢ 5.7¢

Lossesin $Billions

Losses inCents per $100

> see p. 6

> see p. 11

> see p. 7

> see p. 9

> see p. 8

> see p. 5

> see p. 8

> see p. 5

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TD BANK will route its MasterCard debit cards including prepaid through the MasterCard-owned Maestro Network. MasterCard will also handle all account processing on TD debit cards. Ryan Bailey is Head of Deposit Products, Payments and Non-Real Estate Lending at TD Bank, (856) 533-5857, [email protected], www.tdbank.com. Chris McWilton is President, North America at MasterCard, (914) 249-2000, [email protected], www.mastercard.com.

U.S. BANK will issue co-branded commercial Visa products with Adelman Travel, a global travel management services company. Products include corporate cards, purchasing cards, central-billing accounts, and single-use virtual cards. Steve Cline is CEO at Adelman Travel, (414) 410-8351, [email protected], www.adelmantravel.com. Bradley Matthews is Head of Middle Market Product & Marketing at U.S. Bank, (620) 266-9340, [email protected], www.usbpayment.com.

META PAYMENT SYSTEMS will become the issuing bank for PayQuicker’s prepaid card programs. PayQuicker provides a platform corporations use to pay their agents, contractors, channel sellers, and others. Brad Hanson is President at MetaBank, (605) 782-1711, bhanson@ metapay.com, www.metapay.com. Paul Beldham is President at PayQuicker, (585) 286-1580, [email protected], www.payquicker.com.

SEQUENT and ARXAN TECHNOLOGIES are combining their technologies to offer secure host card emulation (HCE) based payment service deployments. Arxan protects mobile applications. Sequent offers digital card account issuance through its mobile platform-as-a-service. Vince Arneja is VP Product Mgmt. at Arxan, (301) 968-4290, [email protected], www.arxan.com. Lance Johnson is Chief Security Officer at Sequent, (650) 241-3765, [email protected], www.sequent.com.

CHASE CARD SERVICES has received a multiyear con-tract extension from Southwest Airlines to continue issuing co-branded credit cards. Eileen Serra is CEO at Chase Card Services, (302) 282-3277, [email protected], www.chase.com. Bob Jordan is EVP and Chief Commercial Officer at Southwest Airlines, (214) 792-2053, [email protected], www.southwest.com.

ZESTFINANCE’S Basix unsecured personal loans will be available nationwide later this year. They will range from $3,000 to $5,000 for a three-year term at fixed annual percentage rates from 26% to 36%. Douglas Merrill is CEO, (323) 450-3000, [email protected], www.zestfinance.com.

SYSNET GLOBAL SOLUTIONS has launched in the U.S. a version of its compliance management software for $1.00 per merchant, per month. ComplianceMaker Express can be branded by ISOs through a PCI-compliant portal. Ted Lasch is SVP of Sales - Americas, (312) 590-2074, [email protected], www.sysnetgs.com.

FIRST BANKCARD, a division of First National Bank of Omaha, offers a mobile app to credit card customers who have an online account. Users can use their card’s rewards points to shop for merchandise and private label prepaid cards from over 70 brands. Mihaela Kobjerowski is VP Customer Mgmt. and Digital Solutions, (402) 602-6154, [email protected], www.firstbankcard.com.

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) has ordered Citibank and a subsidiary to pay $770 million in consumer relief and civil penalties to settle claims related to deceptive marketing, billing, and administration of debt protection and credit monitoring products affecting approximately 7 million card accounts. The CFPB also claims that a Citibank subsidiary deceptively charged a $14.95 expedited payment fee to nearly 1.8 million consumer accounts during collection calls.

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3rd Annual Mobile Wallet 2015: August 18-21, 2015. The Grand Hyatt Hotel, Jakarta, Indonesia. Estimated attendance: 100. Cost for the four-day conference ranges from $1,495 to $2,195. Subscribers to The Nilson Report will receive a 15% discount. (Use code P46281TNR.) Contact Helen Pham at IBC Asia, (65) 6508-2416, [email protected]. Register at www.mobilewallet-asia.com.

PayThink 2015: September 28-30, 2015. The Cosmopolitan, Las Vegas, Nevada. Estimated attendance: 700. Cost for the three-day conference is $1,395. Subscribers to The Nilson Report will receive a $200 discount. (Use code TNR.) Contact Ingrid Olsen at SourceMedia, (212) 803-8456, [email protected], or Kim Baker at SourceMedia, (212) 803-8475, [email protected]. Register at www.paythinkforum.com.

New Payments Landscape 2015: October 8-9, 2015. The Sofitel London St James, London, U.K. Estimated attendance: 150. Cost for the two-day conference: industry rate $1,400 and standard rate $2,500. Subscribers to The Nilson Report will receive a 20% discount. (Use code Nilson2015. Excludes early bird and super early bird rates.) Contact Lisa O’Conner at Lafferty Group, 44 (203) 008-8415, [email protected]. Register at www.laffertyevents.com



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ELAVON and EMDEON have launched Transend Pay, a payment processing platform for hospital and healthcare providers that eliminates paper checks, reducing the time it takes to receive payments from health insurance carriers. Payments from insurance companies are deposited automatically into a hospi-tal’s or healthcare provider’s bank account on file with Elavon. Mike Peresie is SVP Strategic Marketing at Emdeon, (404) 279-5023, [email protected], www.emdeon.com. Rustin Fichtner is SVP and GM of Healthcare Services at Elavon, (303) 268-2670, [email protected], www.elavon.com/healthcare.

CHEVRON and SYNCHRONY FINANCIAL have launched the Techron Advantage Fuel Credits program. Techron Advantage cardholders earn 3¢ per gallon in fuel credits at participating Chevron and Texaco stations in the U.S. In addition to the 3¢ per gallon fuel credits, Techron Advantage Visa cardhold-ers can earn 10¢ per gallon in fuel credits when they purchase $300 or more outside of fuel merchants each month, or 20¢ per gallon in fuel credits when they purchase $1,000 or more outside of fuel merchants each month. Rod Tos is Manager of Card Operations at Chevron, (925) 842-9390, rod.tos@ chevron.com, www.chevron.com. Tom Quindlen is CEO, Retail Cards at Synchrony, (203) 585-6244, [email protected], www.synchronyfinancial.com.

SANTANDER UK is offering a group money management app called KiTTi, which is tied to a prepaid contactless MasterCard card. Kalixa Payments handles all processing for transactions from multiple mobile wallets funding the prepaid account and account management on the card. Monitise created the software. Sam Nixon is Head of KiTTi at Santander UK, 44 (800) 389-7000, [email protected], www.santander.com. Alistair Crane is Chief Sales Officer at Monitise, 44 (203) 657-0900, [email protected], www.monitise.com. Jonathan Bennett is Chief Commercial Officer at Kalixa, 44 (844) 209-4370, [email protected], www.kalixa.com.

CARTA WORLDWIDE’S mobile payments and tokenization technology will be offered by HP to its customers in Europe, the Middle East, Africa, Asia-Pacific, and Canada. The technology can be hosted on-site or delivered as a managed service. Brian Semkiw is CEO at Carta, (416) 840-5611, [email protected], www.cartaworldwide.com. Jon Gudelis is Practice Lead, Financial Services Industry Solutions at HP, 44 (75) 7096-0125, [email protected], www.hp.com.

PAYPAL will offer mobile airtime top-up in Canada without any transfer fees through a partnership with TransferTo, which connects to over 400 carriers in more than 100 countries. Gautam Kalita is Business Initiative Leader at PayPal Canada, (416) 860-6210, [email protected], www.paypal.com. Eric Barbier is CEO at TransferTo, (415) 690-0566, eric.barbier@ transfer-to.com, www.transfer-to.com.

CREDITCALL, provider of an EMV-compliant payment gateway and EMV software kernels, will offer its customers in 30+ countries Discover and Diners Club card acceptance. Gerry Wagner is VP at Discover, (224) 405-2955, [email protected], www.dinersclub.com. Sian Bosley is Commercial Director at Creditcall, 44 (117) 930-4455, [email protected], www.creditcall.com.

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Card Issuers

Merchant Acquirersand

in

Asia/Pacific, United States, Europe, Latin America, Middle East/Africa, and Canada

Over 1,000* Card Issuersfrom 115 countries in all world regions*includes over 700 outside the U.S.

7th Edition

275* Merchant Acquirersfrom 65 countries in all world regions

*includes over 190 outside the U.S.

Figures include cardsin circulationand spending for

credit & debit card issuers

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MOBILE PAYMENTS CONFERENCE 2015 (MPC)Duration: Three-Day ConferenceDate: August 31 – September 2, 2015Venue: The Hyatt Regency McCormick PlaceLocation: Chicago, Illinois

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Topics include: mobile payments, banking, Bitcoin, crypto-currency, geo-location, mobile, location-based marketing, mobilizing retail. Speakers represent: Discover, Heartland Payment Systems, Worldpay, Federal Reserve System, Google, Pandora, Intel, ACI Worldwide, FIS Global, Wildcard Payments, Overstock.com, Crate & Barrel, Sears, and more. Cost is $799 until August 30 ($899 on-site). (Use code MPC15NIL.) Contact Robin Albright at MP Associates, (303) 530-4562, [email protected]. Register at http://mobilepaymentconference.com.

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SPIRE PAYMENTS will provide 15,000 EMV-compliant, contactless-enabled card terminals to Finnish charitable gaming organization RAY. The devices are connected to Finnish payment service provider Poplatek. Mikko Virtanen is Managing Director at Poplatek, 358 (50) 354-3947, mikko.virtanen@ poplatek.fi, www.poplatek.fi. Kazem Aminaee is CEO at Spire Payments, 34 (91) 722-7700, [email protected], www.spirepayments.com.

NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI) and JCB have entered into a partnership for acceptance of JCB cards at all 1+ million NPCI acceptance locations. The partnership also includes issuance of co-branded RuPay/JCB cards by NPCI member banks on the JCB merchant network at a later stage. Yusuke Matsui is Senior Vice President, Head of International Business Development at JCBI, 81 (3) 5778-8245, [email protected], www.jcbcorporate.com. A.P. Hota is CEO at NPCI, 91 (22) 4000-9110, [email protected], www.npci.org.in.

ALPHA PAYMENTS CLOUD will add Bitcoin payment processing from Snapcard to the AlphaHub it offers payment service providers. Merchants gain access to 7 million active Bitcoin users worldwide through a single API integration. Ronan Gallagher is Chief Product Officer at Alpha Payments Cloud, 353 (1) 960-9024 x503, [email protected], www.alphapaymentscloud.com. Michael Dunworth is CEO at Snapcard, (415) 374-7356, [email protected], www.snapcard.io.

POST FINANCE, Switzerland’s 6th largest credit card issuer, is notifying cardholders who live outside the country that their cards will be cancelled at the end of October. The bank, which is majority-owned by the Swiss postal service, hasn’t opened new card accounts for people living outside Switzer-land since 2013. Tighter anti-money laundering and tax evasion regulations are behind Post Finance’s decision. Nils Zenhäusern is Head of Product Management Card Issuing at Post Finance, 41 (848) 888-710, [email protected], www.postfinance.ch.

ZOOZ, which offers online merchants connections to multiple acquirers to maximize card sales, will offer its customers Cardinal Commerce Authentica-tion (CCA). CCA incorporates issuer information about the cardholder with what the merchant knows. Vlad Branin is VP Professional Services at Zooz, 972 (73) 742-9668, [email protected], www.zooz.com. Alasdair Rambaud is SVP of Merchant Services at Cardinal, (440) 352-8444 x205, [email protected], www.cardinalcommerce.com.

MOKI’S Total Control remote management, security, and compliance system will be deployed by PayPoint in the U.K., to handle in-store payment devices. Tom Karren is CEO at Moki, (801) 331-5994, [email protected], www.moki.com. Steve O’Neill is Group Marketing Director at PayPoint, 44 (170) 760-0440, [email protected], www.paypoint.com.

S2M has deployed Cryptomathic’s CardInk EMV data preparation technology to enhance its card management systems. Cryptomathic’s CardInk is hardware vendor agnostic. Abdelaziz Daddane is Managing Director at S2M, 212 (522) 878-377, [email protected], www.s2m.ma. Amru Kotb is SVP Middle East and Africa at Cryptomathic, 49 (162) 620-9377, [email protected], www.cryptomathic.com.

VODAT INTERNATIONAL, which offers Unified Payment Service, a man-aged, PCI-compliant card processing platform to U.K.-based merchants, has deployed Alaric’s Authentic software. Authentic can be used as a consumer payment services hub and payment gateway, as well as for terminal driving, switching, and authorization. Alaric is an NCR business. Ian Martin is Head of Payment Services at Vodat, 44 (161) 219-3308, [email protected], www.vodat-int.com. Rachel Nash is Director Financial Services at NCR U.K., 44 (207) 725-8312, [email protected], www.ncr.com.

David Brush has been appointed Chief Financial Officer at CPI Card Group, (303) 345 2466, [email protected]. Kevin Lawrence has been appointed VP Sales & Marketing at Versatile Credit, (717) 620-2557, [email protected]. Julienne Loh has been appointed Senior Vice President and Group Head, Core Products & Solutions, Asia Pacific at MasterCard, (65) 6390-5923, [email protected]. Porush Singh has been appointed Division President, South Asia at MasterCard, 91 (124) 483-6001, [email protected]. Mike Strawhecker has been appointed Principal and Equity Partner at The Strawhecker Group, (402) 964-2617, mikes@ thestrawgroup.com. Berend Van Geffen has been appointed Managing Director at UL’s Transaction Security Division, 31 (71) 581-3636, [email protected]. Matt Driver has been appointed Group Executive, Global Products and Solutions, Asia Pacific at MasterCard, (65) 6390-6025, matthew_driver@ mastercard.com. Rob Powers has been appointed Senior Vice President, Strategy & Growth at Epsilon, (203) 210-3163, [email protected]. Brad Fauss has been appointed President and CEO at the Network Branded Prepaid Card Association (NBPCA), (202) 548-7202, [email protected]. Matt Oakley has been appointed Chief Marketing Officer at TMG Financial Services, (515) 343-8230, matt.oakley@ tmgfinancialservices.com. Matt Kerper has been appointed Vice President Strategic Business Development at CashStar, (207) 549-2160, [email protected]. Iain Regan has been appointed Global Sales Director at Semafone, 44 (845) 543-0822, [email protected]. Stéphanie Constand-Atellian has been appointed VP Investor Relations and External Communication at Ingenico Group, 33 (1) 5801-8568, stephanie.constand@ ingenico.com. Roger Brooks has been appointed Senior Vice President Business Development at ZipLine, (607) 343-7864, [email protected]. Ed Collupy has been appointed Executive Consultant at W. Capra Consulting Group, (919) 775-9696, [email protected]. International Payments Framework Association has appointed Elizabeth McQuerry, a partner at consulting firm Glenbrook Partners, as its CEO, (404) 655-2252, [email protected]. Joe Jorling has been appointed Chief Operating Officer at i3 Verticals, (770) 415-1397, [email protected]. Christine Ourmieres-Widener has been appointed Chief Global Sales Officer at American Express Global Business Travel, 44 (127) 321-3296, [email protected].

Management Changes



Turkey. Programs have been introduced by handset manufacturers Apple and Samsung (soon), mobile network operators (MNOs) including PT, Turkcell, Vodafone, Swisscom, Orange, Telecom Italia, Telenor, SFR, Deutsche Telekom (and T-Mobile), and Telefonica — with and without bank card issuing partners — as well as financial institutions working without MNO partners including Rabobank,

Credit Agricole, TC Ziraat, Isbank, Credit Mutuel, BBVA, Banco Sabadell, Bankia, Bankinter, and Intesa Sanpaolo.

The common denominator among all of these systems is that payments occur using credit, debit, or prepaid products over the Visa and MasterCard networks. Third-party operators PayPal, Seamless,

Worapay, and Yapital offer merchants QR code-based mobile payments tied to current (checking) accounts. However, all existing NFC and QR code mobile

payment systems in Europe don’t offer consumers any

added value above what they get when using a

plastic card. Dinube has taken a different approach. Its NFC-

based transactions provide the full sales purchase receipt in digital format. This data is stored in a cloud-based account and can be retrieved by logging into the Dinube network.

The Dinube app also handles loyalty cards on Android devices using host card emulation technology, and all of that information is stored in the cloud.

Dinube payments will be tied to a user’s current account when the European Union’s Payment Services Directive 2 (PSD2) is implemented, which is expected in about 15 months. PSD2 will give third parties access to all current accounts in the European Union.

Gross fraud losses to criminals incurred by issuers, merchants, and acquirers of $16.31 billion increased 19.0% over 2013.

Fraud losses occurred from counterfeiting, card not present (CNP), fraudulent application, lost & stolen, card not received, and other much smaller categories. Global general purpose brands UnionPay, Visa, MasterCard, JCB, Discover/Diners, and American Express generated total volume of $23.777 trillion last year, up 14.8%, and fraud was $15.45 billion, up 18.5%.

Of the $16.31 billion total fraud loss, card issuers worldwide lost 62%. Merchants and acquirers accounted for the other 38%. Those losses do not include related costs issuers, merchants, and acquirers incur. Most issuer CNP fraud losses are reimbursed by merchants. Low-value CNP fraud is usually excepted. Issuers absorb the loss because their own costs

for handling those transactions exceed what they would recoup.

Gross fraud losses for all cards worldwide equaled 5.65¢ per $100 in total volume last year, up from 5.45¢ per $100 in 2013. Global general purpose cards experienced fraud of 6.50¢, up from 6.30¢ in 2013.

Gross card fraud as a percentage of total volume has increased every year since 2011 when losses were 5.07¢ per $100 in total volume. The historic low for gross fraud losses was 4.46¢ in 2010.

Domestic-only PIN-based debit networks worldwide had the lowest fraud as cents per total volume at 1.30¢ per $100. Domestic-only credit cards had fraud of 2.70¢ per

Payments will be tied to a user’s current (checking) account.


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Card Fraud ProjectedGlobal Losses in $Billionsand in Cents per $100of Total Volume

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20

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Dinube Mobile Payments in Europe from page 1...

> see p. 6

Card Fraud Losses Reach $16.31 Billionfrom page 1

> see p. 10


their customers with commercial credit cards or even by offering business owners home equity loans on their personal property. However, many small businesses

don’t want or can’t qualify for those products. This creates opportunities for alternative financing sources that offer merchants cash advanced against future payment card receivables, business loans, and inventory purchase programs.

U.S.-based AmeriMerchant has been in the alternative financing business serving small and midsized businesses since 2002. In 2007 it expanded to the U.K. under the name United Kapital and in Canada as True

North Capital. One year later it opened for business in Australia as AUSvance. Operations in all four countries, which have recently been rebranded as Capify, use the same proprietary underwriting platform capable of offering funds ranging from $5,000 to $1 million within 60 seconds when applications are received online.

Capify has provided more than $500 million to businesses in the U.S., U.K., Australia, and Canada since it opened for business in 2002. The average transaction was $25,000.

In Australia, Capify has just signed a contract to offer commercial loans to Australian businesses wanting to buy from Chinese companies selling on Alibaba, China’s top online marketplace. Capify will pay the Chinese seller and receive payments from the Australian

buyer. In the U.K., First Data handles merchant cash advance processing. In Canada, Pivotal Payments offers Capify merchant cash advances. In the U.S., Vantiv, the 3rd largest U.S. acquirer, offers Capify products to its merchants.

Performance results in the alternative financing industry are best measured by success with renewal agreements and risk management. Capify renewals exceed 70%. Default rates are in the 5% range. Capify is looking for local partners in non-English

speaking countries interested in offering alternative financing to small and midsized merchants. David Goldin is CEO at Capify in

New York, (212) 779-2528, dgoldin@

capify.com, www.capify.com.

Until then, Dinube is building its merchant network, beginning in Spain where 200 merchant locations are connected. The payment gateway operated by Informatica El Corte Inglés, the IT division of Europe’s largest department store group, has integrated Dinube’s application program

interface (API). Consumers in Spain make payments from a prepaid account, funded by recurring SEPA emandates or instant transfers between the user’s bank account and their Dinube account, which are in the same bank.

All Dinube transactions are tokenized using the company’s proprietary technology. The token is downloaded to the phone in the Dinube app. The same token is used for all purchases on the network.

Dinube charges merchants a flat per-transaction fee of 5 euro cents. It also charges merchants a management fee for digitizing their loyalty programs. And merchants pay a fee for delivery of digital receipts to their customers. When it is fully rolled out, Dinube expects to support merchant offers, for which it will receive revenue. Consumers will opt-in to receive those offers.

Dinube is looking for merchant acquirers interested in its software development kit and API to integrate Tier 1 merchants. Merchants and banks can white label some features of the Dinube platform for their mobile apps.

Dinube received angel and seed funding in the U.S. before moving to Europe in 2011, where it raised additional capital.Jonathan Hayes is CEO at Dinube Mobile Payments &

Loyalty in Barcelona, Spain, 34 (934) 054-667,

[email protected], www.dinube.com.

...has provided over $500 mil. in the U.S., U.K., Australia, and Canada.

Transactions are tokenized using Dinube’s proprietary technology.

Capify Alternative Merchant Fundingfrom page 1...

Dinube Mobile Payments in Europe from page 5


http://www.capify.com

http://www.dinube.com


businesses. Also mentioned are more than a dozen other payment industry firms owned by private equity companies that are candidates for initial public offerings (IPOs) of common stock.

This month PayPal become publicly traded for the second time since being founded in 1998.

The company, which processed $235 billion in payments from more than 4 billion transactions last year, began trading on Nasdaq on July 20, 2015. PayPal’s market capitalization, the total market value of its outstanding shares, exceeds $47

billion. Only Visa, MasterCard, and American Express are larger.

The number of publicly traded payment industry vendors worldwide will grow by year-end. First Data and Square have filed notice with the U.S. Securities and Exchange Commission. U.K.-based Worldpay will announce an initial public offering of common stock on the London Stock Exchange.

First Data was a publicly traded company in 2007 when private equity firm KKR & Co. paid $29 billion for it in a leveraged buyout involving $23 billion in debt. Ranked by announced revenues, First Data is the fourth largest company in the payment industry. Analysts estimate its current market capitalization to be in the $40 billion range, which would make it the industry’s fifth largest publicly traded company.

Square, which was founded in 2009, handled more than $29 billion in card payments last year. The company is an aggregator of card payments, mainly from micromerchants. It pioneered the use of a card reader dongle for smartphones and the related payment software.

Worldpay is the largest merchant acquirer in Europe and the sixth largest worldwide. It is owned by Advent International and Bain Capital. Analysts predict its IPO will involve more than $9 billion in stock, which would be more than three times what the private equity firms paid for Worldpay in 2010.

PayPal’s market capitalization exceeds $47 billion.

Public Companies Visa $184.90 $12.67 MasterCard $111.10 $9.47 American Express $76.04 $33.80 $47.10 $8.03 Synchrony $28.76 $12.73 Discover $24.39 $5.33 Cielo $24.15 $7.73 Fiserv $20.65 $4.74 FIS Global $18.39 $6.40 Alliance Data $16.98 $5.30 FleetCor $14.13 $1.60 Equifax $12.09 $2.44 Experian $11.60 $8.40 Western Union $9.79 $5.60 TSYS $8.51 $2.40 Gemalto $8.49 $2.73 Vantiv $8.16 $2.58 Global Payments $7.41 $2.55 Ingenico $7.27 $2.00 Jack Henry $5.64 $1.21 Zebra Technologies $5.46 $1.20 Edenred $5.21 $0.82 NCR $4.65 $6.50 TransUnion $4.55 $1.26 Wirecard $4.45 $0.71

WEX $3.94 $0.82 Verifone $3.68 $1.90 Euronet $3.51 $1.66 Deluxe Corp. $3.20 $1.67 FICO $2.83 $0.88 ACI $2.78 $1.02 Worldline $2.75 $1.38 Blackhawk $2.47 $1.10 Diebold $2.15 $3.05 Heartland $2.15 $3.05 QiWi $1.68 $0.44 Cardtronics $1.60 $1.00 Evertec $1.46 $0.87 Optimal Payments $1.14 $0.37 Bottomline $1.11 $0.35 Green Dot $1.06 $0.60

Largest Private Companies

(1) $11.10 (2) $5.50 Visa Eu rope (3) $2.50 (4)

JCB $2.30 Giesecke & Dev. $2.20 Oberthur $1.15


Market Revenue Company Cap (bil.) (bil.)

(1) IPO pending. (2) IPO announcement expected by year-end. Revenue is estimated. (3) Visa Inc. is expected to announce soon that it is purchasing Visa Europe in a transaction valued at up to $20 bil-lion. (4) Undisclosed revenue of less than $1.00 bil. Market capitalization is the market value of a company’s outstanding shares. Figures above are as of July 31, 2015.Market capitalizations under $1.00 billion: Valid $0.83, Global Cash Access $0.50, De La Rue $0.50, SafeCharge $0.40, The Bancorp $0.38, MOL

Global $0.35, GHL Systems $0.34, Meta Financial $0.33, JetPay $0.32, Higher One $0.30, Points International $0.20, Monitise $0.18, DirectCash Payments $0.18, Pushpay $0.17, Eckoh $0.13, NetElement $0.05, OTI $0.05.Companies with IPO potential include: Stripe, Transfirst, Cardlytics, iZettle, Ayden, Powa Technologies, Nets, Computop, Kreditech, Digital River, Pay.on, Fexco, InComm, BlueSnap, and Klarna.Revenue for other private companies: Datacard $0.70, Global Cash Access $0.60, SIA $0.40.

Market Revenue Company Cap (bil.) (bil.)

Market Capitalization & Revenuefor Payment Companies

Publicly Traded Payment Companies from page 1...


and consumer purchase volume combined was $3.629 trillion last year, with commercial products accounting for 18.15% of that amount, up from 17.65% in 2013. Five years ago, commercial cards equaled 14.17% of combined Visa and MasterCard purchase volume.

Small business credit, corporate T&E, and purchasing products (including fleet) generated $463.57 billion in credit card purchase volume in 2014, accounting for 25.47% of $1.820 trillion from combined commercial and consumer credit products.

Commercial credit cards accounted for 24.98% in 2013.

Commercial prepaid and small business debit products generated $195.02 billion in debit and prepaid card purchase volume in 2014, accounting for 10.78% of $1.809 trillion from combined consumer and commercial debit and prepaid products. Commercial debit and prepaid cards accounted for 10.51% one year before.

Small business credit card products accounted for 46.08% of all commercial credit card purchase

volume in 2014, up from 45.94% in 2013. Purchasing, which includes fleet cards, accounted for 45.59% (up from 45.37%), and corporate T&E accounted for 8.33%, down from 8.70%.

Visa cards held a 59.80% share of combined credit and debit commercial purchase volume versus MasterCard in 2014, up from 59.70% in 2013. Visa held a 65.28% share of small business credit cards (up from 63.47%), a 59.76% share of purchasing/fleet cards (down from 60.79%), a 52.14% share of corporate cards last year (up from 50.91%), and a 55.37% share of debit and prepaid cards (down from 56.32%). MasterCard gained

challenges to authorizations of card payments that result in lost sales. Sift Science says its platform lowers the false positive rate at ecommerce merchants to about 20%, significantly reducing manual reviews. These merchants also receive lower chargeback rates and catch fake account, account takeover, and referral fraud.

The company started fighting ecommerce fraud four years ago. Today it collects data from 2,000 online sellers, about 20% that comes from outside the U.S. Payment data, including remittance, digital wallet, digital prepaid card, and digital currency types, is pooled to benefit all

of its merchant customers. Sift Science’s merchants recently gained access to an application programming interface (API) that

lets them control their customers’ device IDs. The new tool supports automation of fraud management decisions, including providing the ability to take immediate action for and against known devices. Sift Science has used device fingerprinting since its launch,

but hadn’t allowed merchants to control that feature.

Machine learning is supervised, meaning the system learns from fraud analysis of those transactions that are “bad” and “not bad.” This gives algorithms the opportunity to identify commonalities in behavioral and identity characteristics from previous fraud activity.

Sift Science recently received $18 million in Series B funding, led by Spark Capital. Jason Tan is CEO at Sift Science

in San Francisco, California, (206)

412-8046, [email protected],

www.siftscience.com.

Merchants gain access to their cus-tomers’ device IDs through an API.

Visa MasterCard Total (bil.) Chg. (bil.) Chg. (bil.) Chg.

Small Business $139.44 16.8% $74.16 8.0% $213.60 13.6%

Purchasing & Fleet $126.31 11.9% $85.04 16.8% $211.35 13.8%

Debit & Prepaid $107.98 8.7% $87.04 13.0% $195.02 10.6%

Corporate $20.13 11.1% $18.48 5.8% $38.62 8.5%

TOTAL $393.86 12.6% $264.73 12.2% $658.59 12.5%


U.S. Visa & MasterCard Commercial CardsPurchase Volume 2014

U.S. Commercial Bank Cards — Part 2 from page 1...

Sift Science Ecommerce Fraud Protectionfrom page 1...


http://www.siftscience.com


volume in 2014. This excludes purchase volume on commercial cards. The 50 largest issuers of Visa and MasterCard credit cards in 2014 were listed in issue #1058. The 50 largest issuers of Visa and MasterCard debit and prepaid cards in 2014 were listed in issue

#1062. Those rankings included consumer and commercial card products combined. The largest issuers of Visa and MasterCard commercial cards were shown in issue #1066.

ground versus Visa in purchasing/fleet cards and commercial debit/prepaid cards.

Commercial cards generated 15.85% of combined commercial and consumer credit and debit purchase volume for Visa’s U.S. region, up from 15.43% in 2013. Commercial credit cards accounted for 23.57% of Visa’s U.S. purchase volume, up from

23.21% in 2013. Commercial debit and prepaid cards accounted for 8.49%, up from 8.36% in 2013.

Commercial cards generated 23.15% of combined commercial and consumer credit and debit purchase volume for MasterCard’s

U.S. region, up from 22.46% in 2013. Commercial credit cards accounted for 29.27%

of MasterCard’s U.S. purchase volume, up from 28.38% in 2013. Commercial debit and prepaid cards accounted

for 16.22%, up from 15.70% in 2013.

Prior issues: 1047, 1023, 999, 975

Commercial cards generated 23% of MasterCard’s U.S. purchase volume.

Consumer All Percent Basis Pt. Purch. Vol. Purch. Vol. Consumer Chg. vs.Rank Issuer (bil.) (bil.) 2014 2013

1 Bank of America $252.22 $284.68 88.60% –40 2 Wells Fargo $238.11 $266.66 89.29% –20

3 JPMorgan Chase $175.75 $193.78 90.70% 42 4 U.S. Bank $51.40 $55.56 92.50% –15

5 PNC $49.70 $55.69 89.24% 106 6 USAA $43.00 $43.00 100.00% —

7 Regions Bank $30.47 $33.01 92.30% –22 8 TD Bank $29.25 $33.46 87.45% 39

9 SunTrust $27.53 $31.90 86.31% –29 10 Capital One $25.53 $26.61 95.94% –3

11 Navy FCU $25.52 $25.76 99.05% 2 12 BB&T $24.13 $28.03 86.06% –37

13 Citibank $23.24 $29.16 79.69% 174 14 Fifth Third $23.18 $25.23 91.87% 4

15 The Bancorp Bank $20.68 $39.31 52.60% –152 16 Citizens Bank $17.26 $19.72 87.53% 0

17 ICBA Bancard $15.43 $15.43 100.00% — 18 Green Dot $14.15 $14.15 100.00% —

19 State Empl. CU N.C. $11.50 $11.50 100.00% — 20 M&T Bank $10.83 $11.81 91.68% –66

21 BBVA Compass $10.12 $11.47 88.25% –50 22 KeyBank $9.73 $10.92 89.08% –31

Consumer All Percent Basis Pt. Purch. Vol. Purch. Vol. Consumer Chg. vs.Rank Issuer (bil.) (bil.) 2014 2013

1 JPMorgan Chase $404.93 $509.54 79.47% –23 2 Bank of America $200.99 $270.96 74.18% –167

3 Citibank $169.46 $208.80 81.16% –59 4 Capital One $148.39 $176.12 84.25% –12

5 Barclays $57.49 $58.37 98.49% –28 6 Wells Fargo $54.01 $96.66 55.88% 226

7 U.S. Bank $49.69 $101.88 48.77% –116 8 USAA $34.13 $34.13 100.00% —

9 Synchrony Financial $27.39 $27.39 100.00% — 10 Cabela’s WFB $19.58 $19.58 100.00% —

11 Navy FCU $12.28 $12.35 99.46% 2 12 PNC $10.36 $25.06 41.32% –122

13 First Nat’l Nebraska $8.82 $12.77 69.07% 0 14 TD Bank $7.36 $8.43 87.21% –307

15 Nordstrom $6.62 $6.81 97.24% –20 16 ICBA Bancard $5.50 $5.50 100.00% —

17 FIfth Third $5.18 $10.15 51.04% 97 18 BB&T $4.34 $7.63 56.80% –78

19 Credit One $3.88 $3.88 100.00% — 20 State Farm $3.46 $3.84 90.10% –63

21 Pentagon FCU $3.15 $3.15 100.00% — 22 Citizens Bank $2.91 $4.68 62.23% –295Debit card volume includes prepaid cards. Some prior year fi gures have been restated. © 2015 The Nilson Report

Credit Issuers Debit Issuers

Largest U.S. Issuers of Consumer Visa and MasterCard Cards 2014

Top U.S. Consumer Credit/Debit Issuers from page 1...


$100. Card issuer losses occur mainly at the point of sale from counterfeit cards. Issuers bear the fraud loss if they have given merchants authorization to accept the payment.

Merchant/acquirer losses occur mainly on card-not-present (CNP) transactions on the Web, at a call center, in a mobile app, or through mail order because issuers can charge back fraudulent transactions when plastic cards have not been read by a terminal unless 3D Secure cardholder authentication has occurred.

The U.S. accounted for 48.2% of gross card fraud losses worldwide while generating only 21.4% of total global purchase and cash volume. U.S. fraud reached 12.75¢ per $100 last year. Fraud in all other regions combined was only 3.73¢.

Multiple factors contributed to that gap, which has existed since the 1990s but has rapidly accelerated since 2010. Nothing mattered more than the lack of an

EMV-compliant infrastructure. EMV technology provides the best protection against losses from counterfeit cards, which accounted for 49% of all card fraud losses worldwide last year. U.S. issuers were slammed by losses due to counterfeiting, fueled by data center breaches that made available tens of millions of stolen primary account numbers (PANs) as well as personal cardholder identification information. The combination

makes fraud tougher to fight. U.S. issuer losses due to counterfeiting of $3.89 billion last year accounted for 23.9% of all global fraud losses.

It will take several years for EMV to squeeze fraud in the U.S. The next two years are likely to see increases in counterfeiting.

For now, CNP fraud in the U.S. continues to exceed that of other world regions, largely because the U.S. leads the world in online, mobile, mail order, and telephone order sales. This fact attracts local and international fraudsters to U.S. sellers. Online merchants in the U.S. have deployed sophisticated predictive analytics to keep fraud in check but have not embraced 3D Secure as a further defense. U.S. merchants worry less about merchandise lost to fraudsters and more about losing good sales to shopping cart

abandonment from what they see as the tedious 3D Secure process. It is also true that smaller U.S. merchants rarely invest in fraud fighting analytics. This makes them easier targets for fraudsters.

A further factor contributing to the fraud differential between the U.S. and the rest of the world is that fraud losses are measured against total volume including cash, not against purchase volume, which is spending for goods and services. Cash as a percentage of total volume is higher everywhere in the world compared to the U.S., with the exception of Canada. Cash accounted for 13% of total U.S. volume last year and averages 26% in other regions. Those higher levels of cash as a percentage of total volume serve to lower overall fraud losses per every $100. Cash withdrawals are protected by PINs, which significantly lowers fraud losses. Also when fraud at ATMs on a global brand card is “on-us,” it is not reported to the networks.

Card fraud losses and the growth of fraud as cents per $100 in volume were up last year in Asia-Pacific and Latin America. Losses were also up in Europe, Middle East/Africa, and Canada,

The U.S. accounted for 48.2% of gross card fraud losses worldwide.

30%

25%

20%

15%

10%

5%

Growth in Fraud vs.Total Card Volume Worldwide


2008 2009 2010 2011 2012 2013 2014

Fraud

Volume

000102030405060708091011121314

5.445.404.773.844.034.104.063.913.793.593.223.593.653.693.73

5.575.775.226.186.565.996.086.407.077.957.939.399.99

11.4212.75

Card Fraud in Basis Points(Cents per $100 in Total Volume)

U.S. Year Rest of World


Card Fraud Losses Reach $16.31 Billionfrom page 5...

> see p. 12



in purchase volume from 2.38 billion Visa and MasterCard transactions in 2014. These acquirers processed another 27.5 million American Express, UnionPay, Diners Club, and JCB transactions valued at $3.14 billion.

Not shown are 17.5 million domestic debit card transactions that generated $2.39 billion in purchase volume. Domestic-only brands included eBucks in South Africa, Al-Amil and KNET in Kuwait, eCASH in Qatar, AutoBranch in Kenya, and CMI in Morocco.

Absa was the largest acquirer in the region, followed by First National, Standard Bank, and

Nedbank. Network International, which is owned by Emirates NBD and Abraaj Capital, rounded out the top five.

Processed $164.33 bil. in purchase volume from 2.38 bil. transactions.

Visa & MasterCard (1) Other Credit Cards (2) Active Rank Transactions Volume Trans. Volume Merchant POS ‘14 ‘13 Company, Headquarters (mil.) Chg. (mil.) Chg. (mil.) (mil.) Outlets Terminals

1 1 Absa South Africa 610.9 14% $18,801.3 14% 6.3 $399.5 42,522 191,882 2 2 First National Bank South Africa (3) 446.2 66% $15,541.3 30% 3.6 $409.3 48,510 116,917 3 3 Standard Bank South Africa 280.8 17% $11,163.4 19% 15.2 $1,260.5 42,371 57,860 4 4 Nedbank South Africa 211.7 12% $10,874.0 15% — — 40,996 51,226 5 5 Network International U.A.E. 146.2 24% $22,297.2 20% 0.5 $343.2 33,139 61,707 6 6 Al Rajhi Bank Saudi Arabia (4) 141.6 22% $19,393.6 16% <0.1 $19.9 15,548 32,792 7 — National Bank of Abu Dhabi U.A.E. 77.1 — $8,528.1 — <0.1 $14.5 22,241 31,639 8 7 Mashreq Bank U.A.E. 68.1 20% $9,194.8 19% 0.2 $162.0 12,103 20,672 9 9 SABB Saudi Arabia (4) 52.1 51% $8,880.3 44% 0.3 $149.1 8,930 10,871 10 8 National Commercial Bank Saudi Arabia (4) 46.0 20% $6,088.3 15% — — 19,272 26,514 11 10 Saudi Hollandi Bank Saudi Arabia (4) (5) 32.7 5% $2,731.2 9% — — 974 10,111 12 11 Riyad Bank Saudi Arabia (4) 31.1 12% $4,312.5 15% 0.1 $41.2 4,699 16,864 13 13 National Bank of Kuwait Kuwait (6) 29.3 22% $3,724.7 15% <0.1 $5.3 11,588 12,724 14 12 Qatar National Bank Qatar (7) 28.0 14% $3,461.4 16% <0.1 $<0.1 3,296 6,925 15 14 CMI Morocco (8) 26.6 17% $2,325.3 11% 0.2 $99.8 36,680 40,000 16 16 Kuwait Finance House Kuwait 19.2 38% $3,001.8 51% — — 4,980 5,893 17 — Mauritius Commercial Bank Mauritius 16.0 — $939.4 — 0.5 $114.2 5,463 6,833 18 18 Bank Alfalah Pakistan 15.5 27% $645.7 30% <0.1 $1.3 13,097 24,003 19 15 Emerging Market Payments Jordan 11.6 -26% $1,216.6 -16% <0.1 $<0.1 10,317 15,991 20 19 Commercial International Bank Egypt 11.5 16% $1,098.3 33% <0.1 $<0.1 6,526 9,500 21 22 Bank Audi Lebanon 10.5 17% $1,500.0 0% 0.3 $99.0 8,000 8,500 22 20 Arab African International Bank Egypt 10.5 12% $721.7 14% — — 5,201 7,303 23 21 Mercantile Bank South Africa 10.1 12% $387.7 14% — — 4,492 5,898 24 24 Doha Bank Qatar 9.5 34% $1,098.5 33% <0.1 $12.1 1,900 3,000 25 17 Commercial Bank Kuwait 9.0 -33% $2,631.9 -30% — — 3,331 4,445 26 23 Gulf Bank Kuwait 9.0 21% $1,969.2 17% — — 3,877 4,684 27 25 Credit Libanais Lebanon 8.5 30% $962.4 6% — — 9,763 12,472 28 26 Saudi Arabian Invest. Bank Saudi Arabia (4) 4.4 33% $646.4 12% <0.1 $12.5 1,071 2,790 29 27 Equity Bank Kenya (9) 2.3 6% $124.4 9% — — 1,505 3,550 30 — BankMed Lebanon 0.7 54% $71.7 42% — — 1,011 1,206Figures 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, JCB, and UnionPay cards. (3) Does not include eBucks domestic debit (0.9 mil., $32.8 mil.). (4) Includes SPAN co-branded Visa Electron, MasterCard debit, and Maestro cards. (5) estimate. (6) Does not include Al-Amil & KNET domestic debit (9.8 mil., $1,458.7 mil.). (7) Does not include eCASH domestic debit (5.0 mil., $790.9 mil.). (8) Does not include CMI private label domestic debit (1.2 mil., $87.8 mil.). (9) Does not include AutoBranch domestic debit (0.6 mil., $21.7 mil.). © 2015 The Nilson Report

Merchant Acquirers in Middle East/Africa 2014

Middle East/Africa’s Largest Acquirers from page 1...


but fraud as cents per $100 in volume was essentially flat in those regions.

In addition to the U.S., issuers from all other regions suffered counterfeit losses too, although not always in their home countries. Europe’s issuers were hit because criminals skimmed the magnetic stripes from the backs of cards to generate fraud on counterfeit cards they created for use at U.S. merchants. Local market counterfeiting continues to plague issuers in Asia-Pacific and Latin America, where criminal gangs are growing in number.

Issuers worldwide were impacted by data breaches in their regions. In EMV-compliant countries, stolen primary account numbers usually result in CNP fraud. In Asia-Pacific, CNP fraud accounted for more than 70% of all fraud losses last year due to rapid growth in CNP sales. Asia-Pacific saw a higher increase in fraud losses last year than the U.S., even though merchants in the region are far more likely to decline authorizations for fear of fraud compared to U.S. merchants.

For 2015 though 2020, card fraud worldwide is expected to total $183.29 billion. In 2020, global card fraud will exceed $35.54 billion. Losses in cents per every $100 in total volume will rise to 5.74¢ in 2015 before falling to 5.26¢ in 2020.

Over the next five years criminal gangs can be expected to continue increasing in numbers, attracted to the steadily growing card payment industry worldwide. The move to EMV means that stolen PANs alone will be of less value in time. Data breaches involving the stealing of personal information about

cardholders will become the norm. That information will be combined with facts criminals learn about cardholders from their social networking profiles. This will lead to more incidents of “spear fishing” to obtain the remaining pieces of information sufficient to enable criminals to create a false credit application or execute an account takeover using valid information.

CNP fraud will continue to grow as EMV becomes ubiquitous worldwide, leaving online sellers the primary focus of experienced, sophisticated criminals. The networks will fight back through tokenization and other technologies that devalue card data. Geolocation of mobile phones will increasingly be used to confirm whether those devices are in proximity to the point of sale. Earlier warnings of data breaches will help issuers create watch lists

that can be used to shut down suspect accounts before fraud is evident. The networks expect to update 3D Secure and make it acceptable to most online sellers. Authentication of cardholders will free a merchant’s fraud analysis staff to focus only on transactions that are suspect, which will stop more fraud.

In coming years the industry will deploy more decision scoring of individual

transactions based on positive data rather than rely solely on fraud risk scoring. Doing so will mean approving more sales, which will result in a decline in fraud as a percentage of total volume.

Enhanced positive data from the networks that leverages context and behavior will help online sellers reduce time spent analyzing transactions that should be immediately approved. For example, networks will tie computer and mobile device identification to PANs, creating a reputation. Information can flow the other way too. Merchants might have a history with a customer they can pass on to a card issuer, which will also help authorize more good sales.

Prior issue: 1023

By 2020, global card fraud will exceed $35.54 billion annually.

Card Fraud Losses Reach $16.31 Billion from page 10...


© 2015 HSN Consultants, Inc. THE NILSON REPORT All Rights Reserved. Reproducing or allowing reproduction or dissemination of any portion of this newsletter in any manner for any purpose is strictly prohibited and may violate the intellectual property rights of HSN Consultants, Inc. dba The Nilson Report.

David Robertson, PublisherJuly 31, 2015


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