Digital Transactions
Overall, U.S. acquirers processed more than $9 trillion in payment volume last year, according to the 2022 Directory of U.S. Merchant Acquirers, led by number-one ranked JPMorgan Chase, with $1.89 trillion in volume. The annual report, which this year ranked more than 320 acquirers, showed an estimated $6 trillion in volume concentrated among the five biggest processors. What distinguishes these five, according to Strawhecker’s new release about the report, is that “All … of these players have a strong bank sales channel, as they are either bank-owned or have an exceedingly large set of bank partners/clients from other areas of their business.”
But that’s not to say fast-growing upstarts aren’t breaking into higher levels of volume. Both Block Inc. (formerly Square) and Stripe Inc., both founded within the last 14 years, are getting close to the top 10. They ranked 11th and 12, respectively, for 2021. Adyen NV, founded in 2006 and an early player in what is now a booming market for buy now, pay later activity, climbed from 10th in 2020 to eighth place.