Raynor de Best
Content expert covering payments and (crypto)currencies
Visa, Mastercard, and American Express - statistics & facts
The Visa, Mastercard, and Amex payment networks were responsible for the majority of credit card transactions in the world in 2024. Due to their global reach and broad acceptance, Visa and Mastercard rank as the world's biggest fintech companies. However, there are many payment trends - from new technologies, to changes in payment behavior. How are the three U.S. card schemes dealing with these in 2025?
Visa and Mastercard, especially, had a difficult 2024, as they faced growth slowdowns. The initial outlook for 2025 looks better, with further interest rate cuts from the U.S. Fed right around the corner, potentially translating into higher consumer spending. Challenges remain, as the payments industry feels the pressure to innovate and receives more regulation.
Criticism on credit card fees
Card fees became in an increasing issue for regulatory bodies across the world, and this may come to a head in 2025. The United Kingdom's Payment Systems Regulator (PSR) stated in the summer of 2024 that the margins from both Visa and Mastercard in the UK were too high. The PSR continued that the two brands had no competitive constraints, in its view, directly impacting merchants and prices in the UK. While not the leading factor to determine an online payment method, the height of transaction fees was relatively important for all age groups.Co-branded credit cards, and the search for loyalty
Visa, Mastercard, and American Express increasingly expanded into so-called co-branded credit cards. These are cards tied to a specific brand or partner, while granting access to payment networks of Visa, Mastercard, or Amex. An example is the Delta SkyMiles Blue American Express card. Indeed, co-branding is among the main payment technologies in travel. The drivers behind this vary significantly. Payment leaders in the travel industry look for clarity and simplification of payments. General-purpose credit cards are used less often for travel among Gen Z than other age groups. Issuing a co-branded card tied to an airliner could help increase brand loyalty among this audience.Stable consumer spending?
Economic uncertainty and sudden changes in spending behavior, especially in the United States, impact the company performance of the three card schemes. The outlook for 2025 is that U.S. consumer spending will stabilize - reaching a 1.6 percent annual growth rate for durable goods. Visa's credit card transaction volume already reflected this: It exceeded Wall Street expectations in October 2024, as growth figures increased after a slowdown earlier in the year. The company's CFO directly connected this stabilizing consumer spending. Mastercard mirrored this trend in its transaction volume for credit cards.Visa and Mastercard, especially, had a difficult 2024, as they faced growth slowdowns. The initial outlook for 2025 looks better, with further interest rate cuts from the U.S. Fed right around the corner, potentially translating into higher consumer spending. Challenges remain, as the payments industry feels the pressure to innovate and receives more regulation.
