SAN FRANCISCO—Visa, which has long been the world’s most popular debit card provider, has knocked off its top perch by China UnionPay, according to new research.
Out of a total of 624.86 billion combined worldwide card transactions from Visa, UnionPay, Mastercard, American Express, and other major card providers, UnionPay accounted for 40.03% of the world’s debit card market in 2022, while Visa came in second at 38.78%, Payments Journal reported.
The count of card payments continues to grow year over year, the report said, noting that when comparing 2021 to 2022 there was a 7.5% increase in card payments.
UnionPay showed growth with a 1.39 percentage point increase and Visa suffered a dip of 0.82 percentage points.
In terms of credit and debit share, Visa came in at No. 1 with 38.7% share and UnionPay fell behind at 34%. Credit is popular in the U.S.—but not as popular on the global scale, Payments Journal said.
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