While the top 10 roster of the largest merchant acquirers in the TSG Directory of U.S. Merchant Acquirers shows little variation from last year—JPMorgan Chase & Co. is still No. 1 at $2.61 trillion in volume in 2024—smaller players are moving into the upper ranks.
Adyen NV, a Netherlands-based processor moved into the top 10 for the first time, “eclipsing Square (Block), which held that spot last year,” says Alex Ferguson, product manager at TSG, an Omaha, Neb.-based advisory firm that annually issues the directory. Adyen entered the U.S. market in 2010. Adyen processed an estimated $333.6 billion in volume in 2024. Square’s 2024 volume estimate is $187.2 billion.
“The most notable volume gainers were mostly the same movers as in prior years: Stripe, Adyen, and Toast,” Ferguson tells Digital Transactions News via email. “Stripe and Adyen’s growth primarily reflects their strength with enterprise merchants, who grow volumes at a much higher rate than [small and mid-size businesses] on a year-to-year basis.”