From the moment you dip your credit card at checkout to the funds appearing in a merchant‘s account, these leading processors securely handle billions of digital payment transactions. The 10 mammoth companies profiled here sit atop the $100+ billion card payment processing industry as the biggest and most dominant firms worldwide.
Combined, they facilitate nearly $50 trillion in purchase volume annually and serve hundreds of millions of business and consumer account holders. Their global networks, advanced capabilities, continuously evolving product suites make them critically important to worldwide commerce flows.
In this exhaustive guide, we analyze their scale, models, clients, offerings, past and future. How did these giants achieve such immense processing share and market control? What emerging innovations are they spearheading to shape the future of payments? Which firms face looming competitive threats? Read on for an insider perspective.
Card Network Transaction Value
| Company | 2021 Processing Volume |
|---|---|
| JPMorgan Chase | $2.6 trillion |
| Bank of America | $1.1 trillion |
| Wells Fargo | $1.3 trillion |
| PNC Merchant Services | $400 billion |
| Block | $172 billion |
| Fiserv | $8.9 trillion |
| Fidelity National Information Services | $10 trillion |
| Intuit | $1 billion |
| Global Payments | $2.5 trillion |
| Elavon | $300 billion |
All payment volume metrics represent approximation. Sources: Company investor reports
10. Elavon – Innovator in Digital Commerce Enablement
First off in our rankings is Elavon, processing over $300 billion annually across Europe and North America. Elavon plays an integral role empowering over 1 million small, mid-sized, and enterprise merchants to accept payments however their customers prefer — in-store, online, mobile, etc.
Founded in Atlanta in 1991 as NOVA Corporation, Elavon now operates across 7 European countries and processes payments for leading brands like Staples, Air France, and Intercontinental Hotels.
Key to Elavon‘s value proposition is digitally transforming payment experiences to drive smarter omni-channel commerce. The Elavon Digital Commerce Platform offers integrated management of transactions across points-of-sale, ecommerce gateways, and mobile devices along with embedded analytics on spending trends.
Recent innovations include safe mobile terminals for contactless in-store tap payments and tokenized credentials for recurring customers. As consumers migrate online, Elavon equips digital sellers and enterprises with seamless, secure payment connectivity everywhere.
9. Global Payments – Pureplay Powerhouse, Leaders in Integrated Payments
Global Payments cemented its status as an elite pureplay payments processor through tremendous growth since its founding in 2000. Unlike some giants with wider finance offerings, Global Payments specializes in payment technology across 32 countries.
In 2021 alone, Global Payments handled 50 billion digital commerce transactions worth over $2.5 trillion. The company continues expanding worldwide through strategic buyouts of regional leaders like Australia‘s EziPay and New Zealand‘s Hande.
Global Payments also maintains key partnerships with banks, ISOs, ISVs, payment facilitators, and software vendors to drive distribution. This lets Global Payments integrate payment capabilities directly into a myriad of apps and software suites that businesses use.
With omnichannel payment services across cards, eWallets, bank transfers, and cash, Global Payments equips merchants to get paid however their customers prefer. Recent service enhancements include contactless solutions, business intelligence analytics, and B2B virtual commercial card accounts.
8. Intuit – Accelerating SMB Digital Financial Services
Intuit is firmly entrenched as the leading financial software provider for SMBs thanks to widespread products like QuickBooks and TurboTax. Beyond accounting, Intuit now endeavors to deliver complete financial operating systems for small businesses.
That strategy has led Intuit to ante up on payments over the past five years, headlined by the ProPay acquisition. Linking payments to QuickBooks‘ invoicing and tax functionalities creates a seamless financial hub for SMBs to get paid faster.
In 2021, Intuit facilitated around $1 billion in payment volume. Compared to leaders moving trillions, they have plenty of runway to keep capturing share. Over 5 million businesses use QuickBooks Online, prime targets for Intuit‘s payments reach.
Further mergers and integrations will strengthen Intuit‘s payments activity. They now partner with Stripe, PayPal, and Square for processing. Eventually, Intuit may process more volume directly.
7. Fidelity National Information Services (FIS) – Behind the Scenes Backbone
FIS facilitates over $10 trillion in transaction annually across credit, debit, prepaid and alternative payment types for merchants and issuing banks globally. However, you likely interact with FIS capabilities daily without even knowing it.
FIS focuses intensely on embedded finance and merchant processing software & infrastructure instead of branded consumer finance apps. Top merchants (Starbucks, Walgreens) and over 3,000+ financial institutions depend on FIS solutions to enable payments, guard against fraud, analyze data, issue cards, open accounts, etc…
Originally founded in 1968 as Systematics, FIS today operates in over 130 countries after key mergers like the SunGard (2015) and WorldPay (2019) acquisitions. Industry analysts widely consider FIS a usability and experience leader given deep R&D budgets funding cutting-edge authentication, loyalty programs, and digital banking improvements.
6. Fiserv – Driving Payments Innovation At Financial Institutions
Similar to FIS, Fiserv provides essential payment and account infrastructure powering financial institutions and merchants globally. Fiserv technology touches nearly every type of transaction from personalized digital experiences like mobile check deposit to security solutions defending against smart hackers.
Fiserv supports thousands of clients across banks, credit unions, securities broker dealers, wealth managers, retailers, and business billers. Solutions range from core account processing software to risk and compliance analytics to front-end digital banking platforms.
In one of fintech‘s largest deals ever, Fiserv acquired First Data in 2019 for $22 billion, catapulting its capabilities and reach. First Data originally formed in 1971 to enable credit card processing independent of big banks. Now Fiserv stands primed to shepherd smarter payments from traditional institutions into the digital era through cloud and AI.
5. Block (formerly Square) – Pioneer of Modern SMB Payments
Block (formerly Square) embodies innovation disrupting small business payments and financial services. Founded to enable card acceptance via mobile in 2009 by Twitter‘s Jack Dorsey, Block exploded into a fintech leader now moving $172 billion annually for millions of merchants.
Beyond empowering payments at point-of-sale, Block extends working capital loans to merchants and provides business management software. The Square ecosystem reduces payments friction while making financial operations easier for SMBs.
However, Block‘s most lucrative activity now is cryptocurrency. Block recognized early the value proposition mainstream crypto tools offered merchants and consumers. In 2021, bitcoin trading drove over 51% of total revenues through the company‘s Cash App.
With swelling volume and a enlarged product portfolio beyond payments, Block will continue outpacing competitors and acting as a bellwether for fintech‘s evolution.
4. PNC Merchant Services – Leveraging Wider Capabilities
A division of the PNC Financial Services Group, PNC Merchant Services processes over $400 billion annually from SMB and enterprise customers across industries. It counts half of the nation’s top dining brands as clients along with many universities.
While PNC provides customized payment software, hardware and solutions directly to businesses, integration across PNC‘s commercial banking arm offers additional capabilities like business forecasting insights, rewards programs, and fraud protection leveraging wider bank data.
This strategy has fueled incredible growth for PNC Merchant Services, now sitting among the industry‘s elite despite PNC‘s smaller asset size compared to megabanks. With innovations like contactless payment via wearables (e.g Apple Watch), intelligent reconciliation, and faster funding settlement, PNC Merchant Services is stealing share from slower-moving rivals.
3. Wells Fargo – Retail Banking Giant Adds Processing Power
Wells Fargo hardly needs an introduction as a "big four" consumer banking titan entrusted with over $1.3 trillion in deposits. While credit card and merchant services fill key niches, much of Wells Fargo‘s advantage emanates from its mature retail branch ecosystem serving 70 million U.S. customers.
That huge client base feeds positive flywheel effects between Wells Fargo‘s processing capabilities, account services, lending reach, and brand familiarity. Consumers and businesses leaning on Wells Fargo for banking naturally turn to them for payments as well despite its relatively small volume share.
In merchant services specifically, Wells Fargo processes around $1.3 trillion annually for all sizes of businesses by combining proprietary capabilities with external partnerships (e.g. FiServ). Key offerings include point-of-sale solutions, business intelligence insights, working capital, and ecommerce services.
Though consumer banking stands firmly as Wells Fargo‘s strong suit, its merchant services division will continue as an area of growth, especially for commercial accounts.
2. Bank of America (BofA) – Massive Reach Across Consumer & Commercial
As a "big four" leader, BofA‘s size and capacity is simply unparalleled. BofA processes around $1.1 trillion in credit and debit card payment volume annually, earning the second spot in our rankings through its commanding market share.
Combined with deposit account and cash management offerings for both retail and commercial banking customers, BofA touches nearly every aspect of business and consumer finance flows.
For merchants specifically, BofA authorize payment acceptance across channels by combining proprietary tools with partnerships (Fiserv). SMBs to enterprise operations depend on BofA for the full suite including point-of-sale devices, working capital, expense management, invoicing, online gateways, and data insights.
BofA continues pushing contactless, secure mobile experiences leveraging partnerships with the likes of Apple Pay and Google Pay as preferences move increasingly digital. Still the bank behemoth‘s ace card remains its vast brick-and-mortar branch network cemented across metropolitan markets nationwide.
1. JPMorgan Chase – The Behemoth of Banking & Payments
The largest bank worldwide with assets over $3 trillion, JPMorgan Chase (JPM) thoroughly dominates card network transaction processing volume moving an astonishing $2.6 trillion annually in purchase value. Compare that figure to second-place Bank of America‘s $1.1 trillion.
Between its sprawling consumer base (checking accounts, credit cards, mortgages, auto loans) and deep ties across corporate America and commercial banking, very few banks match Chase‘s brand familiarity, client loyalty and market positioning.
Chase Paymentech, its merchant services division, has led payment innovation for 20+ years since breaking Visa and Mastercard‘s prior duopoly stranglehold. Its size and capabilities make Paymentech a go-to for the world‘s best-known brands in retail, travel, consumer goods, oil/gas, and more.
Payment optimization and security represents a key focus area for JPM as mobile and digital transactions continue rising. Recent enhancements includeWidget Pay for embedded apps, predictive analytics preventing fraud, faster funding delivery to commercial accounts, and contactless options leveraging the Chase Mobile wallet.
While challengers like Stripe, Adyen and maybe even Block continue disrupting, Chase‘s banking leadership through both consumer and commercial gives it prime advantages to defend its payment processing throne.
Inspecting these giants offers perspective into why scale and diversification matter across financial services spanning banking and fintech. The biggest firms shape wider infrastructures, nurture major client partnerships and influence product roadmaps industry-wide thanks to stability and resources smaller competitors lack.
While challengers like Square, PayPal or Stripe pioneer slick interfaces improving specific experiences, these dominant processors drive systemic payment rails powering global commerce. And their continuous improvement and innovation comes from prioritizing security, uptime and reliability at immense scale above all else.
The Outlook Ahead
Several key trends promise to disrupt the payment processing ecosystem challenging even the largest titans over the next decade.
First, escalating cyberthreats make battling fraud an endless battle necessitating billions in technology investments, even for the biggest firms. Second, consumer preference embracing contactless payments and mobile experiences continue pushing firms to support virtual wallets like Apple Pay and Google Pay in-stores.
Third and most critically, blockchain networks threaten to disintermediate aspects of transaction clearing and settlement between consumers, merchants and card networks. As decentralized protocols like Ripple build real-time payments rails between parties, they may cut out traditional intermediary functions currently dominated by today‘s giants.
Expect these 10 leaders to aggressively fight back through rapid product development and strategic acquisitions. Payments remains infrastructure essential to broader financial services and commerce. For that reason, count on these dominant processors defending their elite positions thanks to expansive resources and immense scale; even amidst escalating disruption emerging from smaller fintech upstarts.
