Contents
Executive Summary 6
U.S. Payments Market 9
Payment Projections 11
PIN vs. Signature Debit 13
Decoupled Debit 15
The Prepaid Card Market 16
Legislation and Regulation Impacting the Card Industry 19
Examining the Interchange Debate 19
Litigation in the Bankcard Industry 20
The Credit CARD Act of 2009 20
International Payments Market 22
Payment Services Directive 26
SEPA 26
Debit Opportunity in Canada for Visa and MasterCard? 27
Key Payments Industry Participants 28
Payment Networks 28
Visa 30
MasterCard 30
American Express 31
Discover 31
Diner’s Club 31
JCB 31
ACH Network 31
EFT and ATM Networks 32
Merchant Processors 33
History of First Data 38
Merchant Processing Growth Opportunities 39
Card Issuance Processors 40
Money Transfer Providers 42
Western Union benefiting from Weaker Competition 47
Euronet’s Money Transfer Business 48
Global Payment’s Money Transfer Business 49
Core Bank Processors 49
Consolidating Bank Market 50
Examining Bank Failures 52
Large Banks in the Payments Landscape 53
Private Label Credit Card Issuers 55
Emerging Payment Markets 56
Online Payments 56
A Look at PayPal 57
The P2P Market 59
Mobile – The Next Big Opportunity? 60
Obopay 61
Boku 61
Revolution Money – Another One to Watch 61
What’s Next for Visa and MasterCard? 61