CARPINTERIA, Calif.—Debit and prepaid cards issued in the United States by the 50 largest issuers during 2017 generated $1.813 trillion in purchase volume at merchants, up 6.1% compared to the top 50 issuers in 2016, according to a new report.
The data was released by The Nilson Report and is based on purchase volume that includes all consumer and commercial signature and PIN-based card products cleared through the Visa, Mastercard, Discover, and regional EFT networks.
Wells Fargo continued to rank first among the top 50 issuers based on total debit and prepaid card purchase volume. "Wells Fargo first rose to this position in 2016," said David Robertson, publisher of The Nilson Report.
Wells Fargo, Bank of America, and JPMorgan Chase accounted for 34.01% of the industry's $2.729 trillion in debit and prepaid purchase volume, down from 34.05% of $2.590 trillion in 2016, the analysis found.
Among the top 50, Green Dot Bank had the highest increase in purchase volume (up 32.2%), followed by Huntington (up 27.0%), and BBVA Compass (up 19.3%).
Credit unions with double-digit increases included Navy, which moved into the top 10 with an 18.2% increase, followed by Randolph Brooks (up 14.9%), VyStar (up 13.1%), SchoolsFirst (up 12.6%), Golden 1 (up 12.3%), and State Employees (North Carolina) (up 10.3%).
Other issuers with double-digit increases included BofI (up 15.5%), MetaBank and Santander (up 11.0%), TD (up 10.3%), and Webster Bank and its HSA Bank subsidiary (up 10.0%). The industry average increase was 5.35%, The Nilson Report said.
Purchase transactions on debit and prepaid cards for the top 50 reached 47.13 billion in 2017, up 5.4%. The average amount of a debit card transaction (excluding prepaid) for the top 50 was $39, up 0.7%. The average amount of a prepaid transaction was $35, up 0.2%, according to The Nilson Report.