The leading card networks and issuers continued to convert paper payments in 2025 but also face challenges in an increasingly complex competitive environment. Through acquisitions and investments, the networks have expanded their value-added services for both business and consumer payments, deepened their integration into digital payment channels and enhanced consumer engagement tools. Converting the USD28 trillion in B2B paper payment value offers the single largest opportunity.
Delivery
This report comes in PPT.
Key Findings
Visa and Mastercard blurring the boundary between card and digital wallet networks
To drive card transaction shares, Visa and Mastercard have been actively building digital wallet partnerships, enabling card users to transact on wallet networks. Meanwhile, they have been promoting card-issuing capabilities to digital wallet operators, enabling their users to transact on card point-of-sale (POS) terminals.
US-based banks see share increase while Chinese issuers decline
US-based financial institutions increased their global share of card payment value last year due to increased spending in the US from rising prices and higher credit utilisation. On the other hand, China-based issuers, except for ICBC, lost share as card payment alternatives gained popularity across digital marketplaces.
Value lost to fraud on financial cards continued to increase
Total value lost to fraud on financial cards increased from 2024 to 2025 in both absolute value and as a share of all card payment value. With more retail moving online there is greater potential for CNP fraud and networks and issuers are investing in developing additional solutions to make card payments more secure.
B2B paper payments represent the biggest opportunity for payment companies
With a smaller portion of consumer payments available to convert to card or digital channels, card networks and issuers are targeting B2B paper payment value which was more than twice the size of consumer paper payments in 2025. Value-added services still need to be deployed to convert much of the USD28 trillion in paper B2B payment value.
Scope: Passport payments and lending system - key data coverage summary
Key findings
Visa and Mastercard gaining market share from UnionPay
Acceptance becoming universal in many developed markets
High market consolidation limited by market access
Chinese issuer shares decline as American issuers gain share
Moderate moves in issuer share of payments
Less consolidated competitive landscape
Top priorities in payments and lending over 2025-2030
Three key strategies: Acquisitions, security enhancements and alternative lending
Capital One acquisition of Discover closes
Visa acquires Pismo in 2024 to build issuer processing and core banking capabilities
Investment in security: Mastercard with Recorded Future
Investment in security: Visa and Feature Space
American Express providing BNPL to customers directly
Sezzle brings BNPL to Discover
Recommendations
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Payments and Lending
This is the aggregation of Financial Cards and Payments, Mobile Payments, Transactions, and Consumer Lending.
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