The Nilson Report: U.S. Card Spending at Merchants 2013
CARPINTERIA, Calif., May 21, 2014 /PRNewswire/ — Credit cards gained market share against debit and prepaid cards for the third year in a row in 2013, according to the annual report on U.S. payment card spending at merchants published by The Nilson Report, the top trade newsletter covering the card and mobile payment industries.
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The purchase volume — spending for goods and services — market share of debit and prepaid cards declined to 47.04% from 47.05% in 2012.
Credit, debit, and prepaid general purpose–type consumer and commercial payment cards issued in the United States generated $4.530 trillion in purchases of goods and services last year, up 7.8% over 2012.
Consumer and commercial credit, debit, and prepaid cards issued by JPMorgan Chase combined to generate $640.04 billion in spending at merchants in 2013. Chase has ranked first among U.S. general purpose card issuers for six years. Cards it issued accounted for 14.13% of spending at merchants in 2013 generated by all general purpose cards issued in the U.S., an increase of 1 basis point.
The top 10 issuers remained the same as in 2012. American Express's share increased 2 basis points to 13.46%, PNC's share increased 2 basis points to 1.69%, and USAA's share increased by 1 basis point to 1.65%. The other six issuers had market share declines. Bank of America fell 39 basis points to 11.99%, Wells Fargo was down 5 basis points to 7.24%, Citi was down 33 basis points to 5.18%, Capital One was down 3 basis points to 4.10%, U.S. Bank was down 9 basis points to 3.23%, and Discover fell 10 basis points to 2.43%.
American Express remained the largest issuer when measuring spending for goods and services on credit cards only. Bank of America continued as the largest issuer when measuring debit and prepaid card purchase volume only.
About The Nilson Report
The Nilson Report is a highly respected source of global news and analysis of the card and mobile payment industries. The subscription newsletter provides in-depth rankings and statistics on the current status of the industry, as well as company, personnel, and product updates. David Robertson, Publisher of The Nilson Report and a recognized expert in the field, is a frequent speaker at industry conferences and is regularly quoted in publications worldwide. Over 18,000 readers in 90 countries value The Nilson Report to track industry trends and market information. http://www.nilsonreport.com
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