Spending at Merchants Using U.S. Cards Reached $6.7 Trillion

CARPINTERIA, Calif., July 16, 2019 /PRNewswire/ -- Credit, debit, and prepaid cards issued in the United States generated $6.699 trillion in purchase volume (spending for goods and services) in 2018, according to The Nilson Report, the leading card and mobile payment trade publication.

Credit cards accounted for 54.90% of all purchase volume, down from 55.07% in 2017. Debit and prepaid card market share was 45.10%, up from 44.93% the prior year. Debit cards gained market share for the first time since 2011.

The top 10 issuers based on combined purchase volume remained in the same position in 2018 compared to 2017. JPMorgan Chase continued as the largest issuer of consumer and commercial credit, debit (including EFT network), and prepaid cards with a combined purchase volume of $1.064 trillion in 2018. It was the first payment card issuer whose customers 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, JPMorgan Chase, 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.

About The Nilson Report
For more than 48 years, The Nilson Report has been the most respected provider of news and information about the global card and mobile payment industry. Available worldwide by subscription only, The Nilson Report directly surveys over 2,000 financial institutions to produce statistics about issuers, acquirers, and technology providers not available from any other source. The twice-monthly newsletter also includes informative articles, concise updates about new products and services, listings of investments and acquisitions among companies in payment systems, and information about executive appointments. The Nilson Report does not accept advertising of any kind. No company can pay to be featured in The Nilson Report. 

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SOURCE The Nilson Report