Modern Card Issuers

How These Upstarts’ API-Based Solutions Are Shaking Up Issuer Processing

Report by Grace Broadbent, and David Morris  | May 22, 2023
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Report Snapshot
Modern card issuance has revolutionized card issuing, providing enormous embedded-payments opportunity.
Modern card issuing puts $17 billion in revenues in play.
Modern card issuers can help gig economy platforms better meet workers’ needs.
Modern card issuers will grow alongside mobile payment services transaction value.
Marketplace sellers are a growing $600 billion opportunity ripe for modern card issuing solutions.
What does it all mean for incumbent issuers and issuer processors?
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
Powered by cloud-based APIs, modern card issuing leapfrogs traditional issuer processing to help non-financial services companies launch and customize card programs. Here’s where their offerings will be most disruptive.
Topics
Financial Services
Payments
US
Table of Contents
Report Snapshot
Modern card issuance has revolutionized card issuing, providing enormous embedded-payments opportunity.
Modern card issuing puts $17 billion in revenues in play.
Modern card issuers can help gig economy platforms better meet workers’ needs.
Modern card issuers will grow alongside mobile payment services transaction value.
Marketplace sellers are a growing $600 billion opportunity ripe for modern card issuing solutions.
What does it all mean for incumbent issuers and issuer processors?
Insider Intelligence Interviews
Sources
Media Gallery

Report Snapshot

Modern card issuers are turbocharging the issuer processor space by offering API-based, customizable card solutions for non-financial services companies. Mobile payment services, ecommerce marketplaces, and the gig economy are in their sights—along with $17.12 billion in issuer processing revenues.

Key Question: How are modern card issuers growing within the issuer processing space?

Issuer Processing Revenues Worldwide, by Company, 2022 (billions )
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KEY STAT: Modern card issuers Marqeta and SoFi have quickly carved out a 6.2% revenue niche among six key issuer processors—and they are poised to grow that share further as digital card issuance gains steam.

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    Table of Contents

    1. Report Snapshot
    2. Modern card issuance has revolutionized card issuing, providing enormous embedded-payments opportunity.
    3. Modern card issuing puts $17 billion in revenues in play.
    4. Modern card issuers can help gig economy platforms better meet workers’ needs.
    1. Modern card issuers will grow alongside mobile payment services transaction value.
    2. Marketplace sellers are a growing $600 billion opportunity ripe for modern card issuing solutions.
    3. What does it all mean for incumbent issuers and issuer processors?
    4. Insider Intelligence Interviews
    1. Sources
    2. Media Gallery

    Charts in This Report

    Issuer Processing Revenues Worldwide, by Company, 2022 (billions )US Civilian Workforce, by Employment Type, 2022 (% of respondents)

    Interviewed for This Report

    Julio Gomez
    Highnote
    Industry Evangelist and Thought Leadership
    Interviewed April 6, 2023
    Rachel Huber
    Marqeta
    Market Intelligence Lead
    Interviewed April 12, 2023
    Amit Parikh
    Green Dot
    Executive Vice President, Banking Platform Services
    Interviewed March 29, 2023
    Jody Soldo
    Highnote
    Director of Business Operations
    Interviewed April 6, 2023

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    authors

    Grace Broadbent, and David Morris

    Contributors

    Eleni Digalaki
    Principal Analyst
    Melissa Rosenberg
    Senior Researcher