51 TOP ACQUiRERS WORLDWiDE Growth in Global · PDF fileTOP ACQUiRERS WORLDWiDE The 150 largest...

INSIDE: Fast Facts P 2-4 | Miura chip & piN Device P 6 | u.s. BaNk’s New prepaiD carD P 7 | wirecarD supports visa/oraNge NFc partNership P 7 carDliNx associatioN ForMeD P 9 | wex Fuel carD JoiNt veNture iN europe P 10

CHARTS: u.s. geNeral purpose carDs ytD 3Q P 8 | payMeNt iNDustry M&a septeMBer 2013 P 9 | top 150 acQuirers worlDwiDe 2012 P 11

U.S. GENERAL PURPOSE CARDS ThROUGh 3Q ‘13There were 51.58 billion purchase transactions initiated by general purpose credit and debit (including prepaid) cards in the U.S. from January 1 through September 30, 2013, an increase of 7.8% or 3.75

TOP ACQUiRERS WORLDWiDEThe 150 largest acquirers of merchant card transactions based on the number of general purpose card purchase transactions at merchants during calendar year 2012 are listed on page 11.

PAymENT CARDS PROjECTED WORLDWiDEPayment cards in circulation worldwide reached 14.44 billion in 2012, up 8.2% over 2011. These included cards with global general purpose brands (Visa, MasterCard, American Express, Maestro, JCB, Diners Club, and UnionPay),

m&A AND CORPORATE FiNANCiNG — SEPTEmBER 2013Turn to page 9 for a list of 34 mergers, acquisitions, joint ventures, and corporate financing deals that occurred in September. There were 325 transactions from January 1 through September 30.

FiRST DATA TABLET PLATFORmThe move to replace countertop terminals, cash registers, and PC-based systems with tablet-based systems is accelerating faster than even early adopters had predicted. First Data, the world’s largest

FiCO FiGhTS FALSE POSiTivE FRAUDIssuers face back-office costs as well as disgruntled cardholders when their fraud protection systems decline valid authorization requests from transactions originating in a foreign country.

DELOiTTE PAymENTS iNDUSTRy CONSULTiNGIn the aftermath of the Great Recession, the amount of money financial institutions and industry vendors have available for consulting services has shrunk. As a result, several payment

EvO PAymENTS ExPANDS iN EUROPEPrivately held EVO Payments, which ranks 18th among U.S. merchant acquirers, has formed majority-owned joint ventures in Spain and Poland. These deals follow last December’s acquisition

Payment Cards Worldwide2012 vs. 2017

51%

26%

9%

23%

29%

5%

36%

28%

2012

2017

Type 2012 2017

Private Label* 5,677.1 7,764.4UnionPay 3,534.0 5,341.7Visa 2,499.2 3,197.9Domestic GP 600.0 1,606.8MasterCard 1,157.4 1,576.4Maestro 725.0 762.8Amex 102.2 128.5JCB 78.3 96.2Discover 61.5 79.6Diners 5.8 6.3 14,440.5 20,560.5

Growth in Global Brands

Total Cards (Mil.)

*Private Label includes prepaid.

©2013 The Nilson Report

NOVEMBER 2013 Issue 1,029For 43 years, the leading publication covering payment systems worldwide.

© HSN Consultants Inc. 2013 THE NILSON REPORT Reproducing or allowing reproduction or dissemination of any portion of this newsletter in any manner for any purpose is a copyright violation subject to substantial fines. Yearly Subscription for 23 print and electronic issues is $1,495. ISSN 1087-8718THE NILSON REPORT: 1110 Eugenia Place, Suite 100, Carpinteria, CA 93013 USA • PHONE (805) 684-8800 • FAX (805) 684-8825 • [email protected]

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CONSUMER FINANCIAL PROTECTION BUREAU has eliminated a feature of the Credit Card Accountability, Respon-sibility and Disclosure Act passed in 2009, which effectively denied credit cards to stay-at-home spouses or domestic partners because the employed spouse or partner's income could not be considered in the application. Credit card issuers must now consider household income, rather than individual income, for persons applying for a credit card under their own name.

CHASE CARD SERVICES will add EMV-compliant chips to Sap-phire Preferred Visa cards it issues in the U.S. The largest U.S. credit card issuer will add EMV chips to its upscale JPMorgan Palladium Visa and JPMorgan Select cards and British Airways and Marriott co-branded cards. Jennifer Roberts is President at Chase Card Services, (302) 282-4000, [email protected], www.chase.com.

HEARTLAND PAYMENT SYSTEMS will offer its small business customers American Express Merchant Financing based on their annual card processing volume. Loans are paid back over a 12-month period. Merchants can borrow up to $75,000. HPS is the 6th largest U.S. acquirer. Pierric Beckert is EVP, Pricing & Bus. Devel. at American Express, (212) 640-5757, [email protected], www.americanexpress.com. Bob Carr is CEO at Heartland, (609) 683-3831 x2203, [email protected], www.heartlandpaymentsystems.com.

SQUARE, provider of payment card processing services to merchants using smartphones and tablets, will discontinue its monthly service fee as of February 1, 2014. By that time all processing will be han-dled on a per-transaction basis. Square has also eliminated holds and deposit limits on manually entered transactions in the U.S.

THE NILSON REPORTNUMBER 1029 Novemober 2013 - 1 -

FUNDING CREDIT CARD LOANS: Current and Future Consid-erations is a discussion paper available from The Federal Reserve Bank of Philadelphia's Payment Cards Center. The 21-page report is available from http://www.philadelphiafed.org/consumer-credit-and-payments/payment-cards-center/publications/discussion-papers/2013/D-2013-November-Funding-Credit-Card-Loans.pdf.

PROPAY, a wholly owned subsidiary of TSYS, will offer its e-commerce merchant customers Planet Payment’s Shop in Your Currency multicurrency pricing service. Greg Pesci is President at ProPay, (801) 341-5560, [email protected], www.propay.com. Philip Beck is CEO at Planet Payment, (516) 670-3200, pbeck@ planetpayment.com, www.planetpayment.com.

ONYX PAYMENTS is the new name of the former Pegasus Financial Services. The company provides more than $500 million annually in payment disbursement and reconciliation services to more than 40,000 hotels and 60,000 travel distributors worldwide. Mark Dubrow is CEO, (214) 234-4120, [email protected], www.onyxpayments.com.

FISERV has licensed iovation's ReputationManager360 Internet authentication and fraud control service. John Horn is Security Strategist, Enterprise Risk & Resilience at Fiserv, (330) 874-0529, [email protected], www.fiserv.com. Jon Karl is VP, Corporate Devel. at iovation, (503) 224-6010, [email protected], www.iovation.com.

TRANSFIRST, the 14th largest U.S. acquirer, will offer its nearly 200,000 active merchants PayPal card acceptance at the point of sale. Craig Tieken is Director of Product at TransFirst, (303) 625-4614, [email protected], www.transfirst.com. Don Kingsborough is VP, Enterprise & Retail Solutions at PayPal, (408) 967-3794, [email protected], www.paypal.com.

INCOMM, a top provider of prepaid cards, now offers merchants a shopping cart optimized for buyers using mobile devices. David Nelsen is General Manager, Digital Solutions, (503) 443-8264 x706, [email protected], www.incomm.com.

EON PAYMENT SOLUTIONS has released the latest version of EonPay, its Enterprise-Class Hosted Recurring Billing Platform for corporations, software companies, and payment service providers. The platform is PCI compliant. EON is a division of ABC Financial Services. Doug Elkins is Managing Executive at EON, (501) 515-5062, [email protected], www.eonpayments.com.

HIGHER ONE has reached a preliminary agreement in federal court to settle class-action lawsuits in five states. The company will pay $15 million if the settlement is approved. The litigation was tied to fees charged to debit card accounts held by college students.

JUMIO has reduced to an instant the time it takes for its new Netswipe Version 2.0 SDK to scan a payment card using a camera in a smartphone or tablet and initiate payment in a merchant's app on a checkout page. Netswipe 2.0 scans and extracts the customer's name, in addition to the 16-digit card number and the expiration date. Customers only need to enter the 3-digit CVV number to complete the transaction. Daniel Mattes is CEO, (650) 424-8545, [email protected], www.jumio.com.

PAYTECH SUMMIT 2013Two-Day ConferenceNovember 27-28, 2013The Hotel Estanplaza InternationalSão Paulo, Brazil

Topics include: how technology and innovation could bring a larger convergence and interoperability, regulation of m-pay, business models for m-pay in Brazil, technology for secure transactions, Brazilian consumer behavior, and more. Speakers represent: Walmart Chile, Agência Nacional De Telecomunicações, Mg Systems Consutoria, TVZ, Banrisul Compras, Clearsale, Redecard, Banco Santander, Caixa Econômica Federal, Paypal Brasil, COTS Advocacia, Buscapé Company, Nokia Solutions and Networks, Vivo do Brasil, MasterCard, ACG, Camara E-Net, Polishop, Claro do Brasil, Ericsson, Associação Paulista de Supermercados – APAS, EMTU, M.Sense, Ewave do Brasil, Cielo, Morpho do Brasil, and more. Cost is $1,800. Contact Eduardo Machado at Next Business Media, 55 (11) 3173-4413, [email protected]. Register at www.paytechsummit.com.br.

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immediately. Your obtaining an unauthorized copy may violate the intellectual property rights of HSN Consultants, Inc. d/b/a The Nilson Report. The right to possess digital versions of this report is granted solely to the individual subscriber.

MITEK SYSTEMS has received its second U.S. patent related to using a smartphone or tablet camera for bill payment. The com-pany's Mobile Photo Bill Pay software takes a picture of a bill, reads the text, and auto-populates the fields required to make a pay-ment. Keith Gray is VP Sales, (858) 309-1740, [email protected], www.miteksystems.com.

MERCHANT360 provides POS development, integration, and transaction processing to support payments and value-added services. The company now offers bi-directional NFC between enabled mobile phones and point-of-sale terminals from Ingenico and VeriFone. Steve McRae is CEO at Merchant360, (541) 292-0667, [email protected], www.merchant360.net.

AURUS, formerly TalentBeat, has been awarded U.S. Patent No. 8543461 for its whizPay payment processing service, which lets businesses isolate their POS systems from PCI requirements while remaining compliant with Payment Card Industry Data Security Standards. WhizPay features can apply to payment processing, CRM, loyalty, mobile, and social media integration. Rahul Mutha is CEO, (508) 982-0334, [email protected], www.aurustech.com.

ACCULYNK, provider of PaySecure, a graphical PIN pad that con-sumers can use for online debit payments, as been deployed by Ria, provider of international money transfers. John Beisner is SVP, Client Services at Acculynk, (678) 894-7026, jbeisner@ acculynk.com, www.acculynk.com. Juan Bianchi is CEO at Ria, (562) 345-2154, [email protected], www.riafinancial.com.

BILLTRUST, a top provider of outsourced billing and payment ser-vices, now offers EmailPlus, a turnkey service that billers can use to e-mail bill recipients a summary of their invoices along with a PDF attachment. Recipients can securely view and pay invoices as well as download invoicing data directly into accounting software such as QuickBooks. Flint Lane is CEO at Billtrust, (609) 235-0846, [email protected], www.billtrust.com.

STRUCTURE & PRACTICES OF THE DEBT BUYING INDUSTRY is a 49-page report available from the Federal Trade Commission at www.ftc.gov/os/2013/01/debtbuyingreport.pdf.

PCI DATA SECURITY STANDARD (PCI DSS) version 3.0 is now available. Updates include recommendations for making PCI DSS part of everyday business processes, best practices for maintaining ongoing PC DSS compliance, guidance from the Navigating PCI DSS Guide built in to the standard, and enhanced testing procedures to clarify the level of validation expected for each requirement. Visit www.pcisecuritystandards.org.

ROGERS, Canada's largest mobile network operator with more than 9 million subscribers, has signed an agreement with MasterCard to install a prepaid MasterCard account and contactless PayPass tech-nology in NFC-enabled smartphones. The Rogers Prepaid Master-Card in the Rogers suretap wallet will allow cardholders to tap their phone to pay at more than 40,000 retailers in Canada. Betty DeVita is President at MasterCard Canada, (416) 479-3226, [email protected], www.mastercard.ca. David Robinson is VP, Emerging Business at Rogers Communications, (416) 935-5112, [email protected], www.rogers.com.

Paul Burmester has been appointed CEO at ValidSoft, 44 (203) 170-8125, [email protected]. Jeffry Beene has been appointed Senior Risk Management Officer at JetPay, (972) 503-8900 x169, [email protected]. Andrew Mathieson has been appointed Group Executive of Relationship Management at TSYS, (770) 663-2954, [email protected]. Allison Bennett has been appointed Chief Marketing Officer at Elavon, (678) 731-5540, [email protected]. Robyn Brewington, formerly at Source One Direct, has been appointed VP, Direct Sales at TransCentra, (678) 728-2541, [email protected]. Simon Wilson has been appointed U.K. Sales Manager at NXGEN, (406) 863-9977, [email protected].

MANAGEMENT > CHANGES

Largest

Payment Card Issuers

and Merchant Acquirers

a 2013 Nilson Report Publication

© HSN Consultants Inc. 2013 THE NILSON REPORT, www.nilsonreport.com/largest issuers. Reproduc-

ing or allowing reproduction or dissemination of any portion of this document in any manner is a

copyright violation subject to substantial fines.

Worldwide

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> > > > > > > > > Fast Facts



> > > > > > > > Fast FactsFIRST DATA MERCHANT SOLUTIONS, First Data's direct-

to-market merchant acquiring business, will offer Diners Club and Discover card acceptance to its merchants in the U.K. Gerry Wagner is VP, Global Acceptance at Discover Network, (224) 405-2955, [email protected], www.dinersclub.com. Raj Sond is General Manager at First Data Merchant Solutions, 44 (126) 828-5710, [email protected], www.firstdatams.co.uk.

PROSA, the top third-party processor in Mexico, will offer its merchant customers in that country and others in Central America AnywhereCommerce's aCommerce Gateway for accepting payment cards, payment acceptance software, and mobile POS devices. The devices will be branded SQCarnet. Bill Nichols is EVP, International Markets at AnywhereCommerce, (954) 993-5093, bill.nichols@ anywherecommerce.com, www.anywherecommerce.com. Emmanuel Ari Chamarro is in charge of Carnet, Issuance & Accep-tance at Prosa, 52 (55) 5268-1212, [email protected], www.prosa.com.mx.

EMERGING MARKETS PAYMENTS (EMP) has certified Ingenico's Telium 2 range of POS terminals. More than 130 banks and 30,000 retailers use EMP as their payment processing company in the Middle East and Africa. Rachid Oulad is Africa Director at Ingenico, 33 (6) 2118-3095, [email protected], www.ingenico.com. Paul Edwards is Chairman at EMP, 27 (83) 709-7007, [email protected], www.emp-group.com.

RBM REDEBAN MULTICOLOR, Colombia's top third-party payment processor, now offers an application for smartphones that lets merchants accept card payments. RBMovil can be used with Android, BlackBerry, and iOS devices. RBM is working with MasterCard to promote mobile payment processing. Juan Carlos Silva is VP, Sales at RBM, 57 (1) 307-7110 x1217, [email protected], www.redebanmulticolor.com.co. Marcela Carrasco is President at MasterCard Colombia, 57 (1) 607-0520 x70528, [email protected], www.mastercard.com.co.

FIRST BANK in Nigeria now offers a platinum MasterCard debit card exclusively for members of its premier loyalty club. Chuma Ezirim is General Manager & Group Head, eBusiness at First Bank Nigeria Limited, 234 (80) 2501-8720, [email protected], www.firstbanknigeria.com. Omokehinde Ojomuyide is VP & Area Business Head, West Africa at MasterCard Worldwide, 234 (1) 460-0902, omokehinde_ojomuyide@ mastercard.com, www.mastercard.com.

STATE BANK OF INDIA will use the payment processing platform of Yalamanchili to support its Xpress Money Visa card, which enables cardholders to receive money transfers that originate from the UAE directly onto the card. Ramkumar Sekar is President South East Asia & India Sub Continent at Yalamanchili, (65) 6933-8600, [email protected], www.yalamanchili.com.sg. Amit Kumar Tripathi is Deputy General Manager at State Bank of India, 91 (22) 2274-1210, [email protected], www.sbi.co.in.

BARCLAYS, Europe's 2nd largest merchant acquirer, will provide full card acquiring services for Digital River World Payments. Marc Pettican is Director of Sales at Barclaycard, 44 (20) 3555-5569, [email protected], www.barclaycard.com. Souheil Badran is SVP and GM at Digital River World Payments, (952) 225-3736, [email protected], www.digitalriverpayments.com.

THE NATURAL SECURITY ALLIANCE is a newly formed association dedicated to wireless biometric authentication. Members include MasterCard, Banque Accord, BNP Paribas, Carre-four Banque, Groupe Auchan, Ingenico, Leroy Merlin, Oberthur, and Paycer. For more information visit www.naturalsecurityalliance.org.

PAYLEVEN, a provider in Europe of payment card processing for tablets and smartphones, now offers its merchant customers the ability to create loyalty programs based on consumer email addresses. Alston Zecha is COO, 44 (786) 736-1792, alston.zecha@ payleven.co.uk, www.payleven.co.uk.

THE NILSON REPORTNUMBER 1029 November 2013 - 3 -

CARTES 2013 PARIS: November 19-21, 2013. The Paris Nord Villepinte, Paris, France. Estimated attendance: 1,600. Cost for the three-day conference is $1,798 (€1,328). Subscribers to The Nilson Report will receive a 20% discount. (Use code PPARIS13.) Contact Alexandra Pinard, 33 (1) 7677-1126, [email protected]. Register at www.cartes.com.

MOBILE MONEY & DIGITAL PAYMENTS ASIA 2014: January 21-23, 2014. The Gran Melia Jakarta Hotel, Jakarta, Indonesia. Estimated attendance: 200. Cost for the three-day conference is $1,200. Subscribers to The Nilson Report will receive a 20% discount. (Use code NILSON.) Contact Charlotte Walkling at Clarion Events, 44 (20) 7384-7919, [email protected]. Register at www.mobile-money-gateway.com/event/mobile-money-and-digital-payments-asia-2014.

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PREPAID CARD COMPLIANCE 2014: January 30-31, 2014. The Washington Plaza Hotel, Washington, D.C. Estimated attendance: 150. Cost for the two-day conference is $2,295. Subscribers to The Nilson Report will receive a $300 discount. (Use code TNR300.) Contact Nicole O’Neill at ACI, (212) 352-3220 x5257, [email protected]. Register at www.americanconference.com/prepaidcardDC.

SCA 2014 PAYMENTS SUMMIT: February 5-7, 2014. The Grand America Hotel, Salt Lake City, Utah. Estimated attendance: 600. Cost for the three-day conference for nonmembers is $1,120 (discounts available with registration before December 20, 2013 and January 15, 2014). Subscribers to The Nilson Report will receive a 20% discount. (Use code 20-DISC.) Contact Kristin Krebs at SCA, (203) 733-9715, [email protected]. Register at www.scapayments.com.



processor of card payments at merchants, has now firmly committed to replacing legacy devices with tablets, which it can easily deploy with industry-

specific applications.

Clover Station is the name First Data has given to a hosted, cloud-based POS commerce platform

it plans to offer small and midsized businesses to replace all of the existing devices

they use on their countertops. The hardware and open-system software were developed by First Data’s Clover Network subsidiary — a unit that operates with its own governance structure.

Bank of America Merchant Services, a joint venture of BofA and First Data, is the first merchant acquirer to offer Clover Station.

First Data will bring Clover Station to market directly and in partnership with joint venture and other partners in the U.S., Europe, and other regions by year-end. Clover will replace sales First Data currently makes using its proprietary

POS terminal as well as sales it makes using POS terminals manufactured by other vendors.

The Clover Station uses the Android operating system. Its 11.6-inch screen is larger than those available from other vendors selling tablet-based POS commerce systems. The tablet fits into a swivel stand that can be turned to face the cardholder. The Clover Station deploys Wi-Fi, Bluetooth, and Ethernet protocols. A USB port can be used to add an NFC card reader. Future systems will integrate contactless readers. A barcode reader is available.

Clover Station’s installed menu of core apps can be broken down to subapps to work better for specific merchants or they can be completely uninstalled and replaced by a customized app created by an outside developer.

Clover Station was designed to be shipped fully configured for the merchant it is being shipped to and is able to be installed in 15 minutes

without the need of a professional IT person. Leonard Speiser is President at Clover Network in Mountain View, California, (350) 396-9444, [email protected], www.clover.com.

Balancing the customer experience versus protection against fraud has been an

ongoing debate for payment card issuers. In the current environment, issuers see more to gain by favoring the customer experience.

ValidSoft offers issuers a confidence score on cross-border transactions through its ability to

identify the location of a mobile phone in proximity to an ATM or POS terminal where the card is being used. Issuers send the cardholder’s mobile number and the location of the transaction to ValidSoft, which returns a score in less than half a second. Cardholders are not aware that the connection has been made. Jon Alford is Product Manager at ValidSoft in London, U.K., 44 (203) 170-8128, [email protected], www.validsoft.com. Prior issues: 996, 993, 980, 948

FICO has integrated ValidSoft

into its Falcon Fraud Resolution Manager product, which is used to protect issuers and cardholders from payment card fraud. Falcon monitors transactions from more than 2.4 billion cards. Fraud Resolution Manager includes customer communications software that FICO gained in the $115 million acquisition of Adeptra last year.

FICO has already tested

iTS 11.6-iNCh SCREEN iS LARGER ThAN OThER POS TABLETS.

First Data tablet PlatForm (from page 1)...

FiCo Fights False Positive FrauD (from page 1)

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http://www.clover.com

http://www.validsoft.com

http://www.validsoft.com

of all assets of Germany-based Deutsche Card Services, which operates in 39 countries in Europe.

In Spain, the new 50%-50% joint venture between EVO and Banco Popular will operate under the name Popular Payments. A 10-year marketing alliance will direct merchants with accounts at Banco Popular exclusively to the joint venture. Banco Popular operates more than 2,000 branches

in Spain. Last year it ranked 39th among merchant acquirers in Europe by processing 158.9 million Visa and MasterCard transactions (up 10%). José Félix Martínez de Cabo is Merchant Acquiring Manager at Banco Popular in Madrigal, Spain, 34

ValidSoft’s proximity correlation service with two U.K. card issuers. Those trials showed that false positives on international transactions can be reduced by up to 70%. This helps create another positive effect — fraud personnel are freed from working many false positive transactions and can focus on real fraud. FICO expects Falcon users based in Europe to be particularly interested in

the service, which is now available globally. The mobile phone proximity service can be licensed on a volume basis or a per-transaction basis. Thomas Horan is VP, Product Management at FICO in San Diego, California, (858) 369-8118, [email protected], www.fico.com. Prior issues: 1,027, 1,026, 1,024, 1,020, 1,015, 1,014, 1,011, 1,009, 1,001, 996, 991, 990

The M007, Miura’s latest chip and PIN entry device,

measures 150 mm high x 80 mm

wide x 23 mm deep.

It

comes with USB, RS232 (serial), and Ethernet physical connections and Bluetooth and Wi-Fi communications. The M007’s smart card reader is rated for 1 million insertions. Its

triple track mag-stripe reader is rated for 500,000 swipes. The embedded contactless reader gives ISO 14443 A/B and NFC support. M007 is certified for Level I and Level II. Authentication processors are available to integrate with Apple, Android, and BlackBerry devices.

The high-resolution backlit LCD display measures 256 x 128 pixels and is capable of supporting QR code generation. The M007, which uses the Linux operating system, can be locked into a cradle and secured by an alarm for use in fixed-lane environments. It can be unlocked from the cradle for handheld use.

Miura brought its first mobile device to the U.K. market in 2011. It provides the hardware and software kernel. Its customers, which include banks, PSPs, system integrators, and others, add the software needed by end users. Customers include PayPal, Adyen,

Payleven, WorldPay, Swiff, Stagecoach, International Transaction Systems (ITS), Touchpoint Payments, and iZettle. Miura products are sold directly and through resellers in Europe, the Middle

East, Africa, Asia, and South America. Richard Goodland is Chief Operating Officer at Miura in Stokenchurch, U.K., 44 (790) 997-5773, [email protected], www.miurasystems.com.

miura ChiP & PiN DeviCe

iTS SmART CARD READER iS RATED FOR 1 miL. iNSER-TiONS.

evo PaymeNts exPaNDs iN euroPe (from page 1)...

FiCo Fights False Positive FrauD (from page 5)...



http://www.fico.com

http://www.miurasystems.com

The new Visa brand prepaid Contour Card from U.S. Bank replaces the issuer’s Convenient

Cash and Buxx products. U.S. Bank believes that combining features tied to those products gives Contour Card a stronger chance of creating long-term relationships with users of reloadable prepaid accounts.

The new Contour Card account

can include a second card linked to the primary account for use by a spouse. It can also support up to five subaccounts, each with separate prepaid cards that are linked to the main account. Users can select different color schemes for all of the cards in their accounts.

U.S. Bank provides a single online dashboard to track spending and transfer funds between the linked cards. It will also offer Contour Card apps for iOS and Android devices.

U.S. Bank charges a $4 upfront enrollment fee for each card on

the account and a $4 recurring monthly service fee per card. Funds can be loaded at U.S. Bank branches or by direct deposit.

U.S. Bank first used the Contour brand for a prepaid MasterCard

launched in 2012 as part of its Campus Card program. That card doubles as a student identification card. It offers mobile account management and person-to-person payments. Whitney Bright is Market Leader for Consumer

Prepaid at U.S. Bank in St. Louis, Missouri, (636) 300-5653, [email protected], www.usbank.com.

(91) 520-8275, [email protected], www.bancopopular.es. Prior issue: 1,019

In Poland, PKO Bank Polski received $113.5 million for selling EVO a 66% stake in its eService merchant acquiring business plus the amount of any operational cash in the company at closing. An earn-out mechanism allows for additional revenue if performance goals are reached.

A 20-year alliance agreement will begin at closing of the transaction, which is expected by year-end. The partners see eService expanding to other countries in Central and Eastern Europe. Last year eService ranked 28th among all acquirers in Europe with 278.9 million Visa and MasterCard

transactions processed (up 53%). Marek Paradowski is CEO at eService S.A. in Warsaw,

Poland, 48 (22) 533-2210, [email protected], www.eservice.com.pl.

When EVO completed acquisition of Deutsche Card Services earlier this year, it became a primary member of Visa and MasterCard. The joint marketing relationship EVO has with Deutsche Bank’s Global Transaction Banking

division is a 10-year contract. During that time EVO receives exclusive access to the bank’s merchant base. James Kelly is CEO at EVO Payments International in Atlanta, Georgia, (770) 804-8787, [email protected], www.evopayments.com. Prior issues: 1,008, 1,003, 990

Orange, a mobile network operator (MNO) with 233 million subscribers in 32 countries in Europe, the Middle East, and Africa, signed an agreement with Visa last year to add prepaid products to Orange Money accounts.

Orange Money Visa prepaid cards were launched

in Botswana in August of this year. Orange Money was an existing prepaid account offered by the MNO to its nearly 1 million customers in the country and used to transfer funds to other mobile accounts, buy airtime, and pay recurring bills. Moussa Thiemoko Dao is Orange Money Director

PKO BANK POLSKi AND EvO hAvE SiGNED A 20-yEAR ALLiANCE.

USERS CAN CREATE UP TO FivE SUB-ACCOUNTS WiTh SEPARATE CARDS.

... turn to page 8

u.s. baNk’s New PrePaiD CarD

wireCarD suPPorts visa/oraNge NFC PartNershiP



http://www.usbank.com

http://www.bancopopular.es

http://www.eservice.com.pl

http://www.evopayments.com

billion versus the total for the first nine months of 2012. Credit card purchase transactions increased by 7.1% or 1.24 billion. Debit card purchase transactions increased by 8.3% or 2.52 billion. Debit cards generated 63.75% of all purchase transactions, up from 63.49%.

Through the first nine months of 2013, Visa credit cards issued in the U.S. accounted for 50.01% of credit card purchase transactions, up 158 basis points from 48.43% for the first nine

at Orange in Gaborone, Botswana, (267) 369-3700, [email protected], www.orange.com.

Orange, with 27 million subscribers, is France’s largest MNO. It has started to preload the Visa mobile payment application into NFC-enabled SIM cards in handsets it sells. Approximately 40% of the handsets it sells are NFC-enabled.

Cardholders can download an Orange Cash app from app stores and top up their Orange Cash account using their bank card. Wirecard Card Solutions is the Visa issuer.

Cardholders can use their handsets at the 120,000 merchant locations in France where NFC card readers are expected to be installed by year-end 2013. They can also generate

virtual, one-time-use account numbers for spending at online merchants.

The service will launch in Strasbourg and Caen before rolling out nationwide in midyear 2014. Frederic Maistre is Head of Strategic Alliances at Visa Europe in Paris, 33 (1) 5305-3914, [email protected], www.visaeurope.com.

France’s four largest banks also have formed partnerships with Orange. They will add debit products to NFC-enabled phones. Orange also has

prepaid account partnerships with MasterCard in Spain and Poland. Thierry Millet is VP, M-Payments and NFC at Orange in Paris, 33 (1) 5548-7685, [email protected], www.orange.com.

Wirecard, which will also handle the account processing for Orange Cash Visa prepaid transactions, also provides prepaid account processing for Deutsche Telekom, Vodafone, E-Plus, Telefonica O2, and SFR. For all of those programs except Deutsche Telekom, it is also the card issuer.

Those mobile network operators also use Wirecard to provide over-the-air provisioning of card account and loyalty/coupon information to NFC-enabled handsets. Markus Braun is CEO at Wirecard AG in Aschheim, Germany, 49 (89) 4424-1415, [email protected], www.wirecard.com.

U.S. General Purpose Cards YTD 3Q 2013 vs. YTD 3Q 2012 Dollar Volume (bil.) Purch. Trans. Brand/Type of Card Total Chg. Purchases Chg. Cash Chg. (bil.) Chg.

Visa Credit $827.20 10.1% $791.10 10.1% $36.10 9.9% 9.35 10.6%

American Express Credit $467.90 7.5% $465.12 7.5% $2.78 9.9% 3.25 6.6%

MasterCard Credit $431.82 3.9% $412.27 4.6% $19.55 –8.1% 4.67 1.4%

Discover Credit $99.30 4.1% $92.77 4.6% $6.53 –2.5% 1.43 5.6%

CREDIT CARD TOTALS $1,826.22 7.6% $1,761.26 7.8% $64.96 2.5% 18.70 7.1%

Visa Debit & Prepaid $1,189.45 6.4% $884.20 7.5% $305.25 3.3% 23.61 7.3%

MasterCard Debit & Prepaid $488.85 8.8% $364.55 9.8% $124.30 5.7% 9.27 10.8%

DEBIT CARD TOTALS $1,678.30 7.1% $1,248.75 8.1% $429.55 4.0% 32.89 8.3%

Visa Total $2,016.65 7.9% $1,675.30 8.7% $341.35 4.0% 32.96 8.2%

MasterCard Total $920.67 6.4% $776.82 7.0% $143.85 3.6% 13.95 7.5%

VISA & MC TOTALS $2,937.32 7.4% $2,452.12 8.1% $485.20 3.9% 46.91 8.0%

CREDIT & DEBIT TOTALS $3,504.52 7.3% $3,010.01 7.9% $494.51 3.8% 51.58 7.8%

Includes activity on all consumer and commercial credit, debit, and prepaid cards for January 1–September 30, 2013 vs. January 1–September 30, 2012. American Express and Discover include figures for third-party issuers. © 2013 The Nilson Report

u.s. geNeral PurPose CarDs through 3Q ‘13 (from page 1)...

wireCarD suPPorts visa/oraNge NFC PartNershiP (from page 7)...



http://www.orange.com

http://www.visaeurope.com

http://www.orange.com

http://www.wirecard.com

Membership in the newly formed CardLinx Association is open to

financial institutions, publishers, advertisers, merchants

and their acquirers, and other entities interested in connecting

digital advertising and marketing to the physical world in the form of a payment card.Card-linked offers bypass the use of a paper coupons as well as promotion or voucher codes tied to a mobile phone.

CardLinx Association’s stated aim is to create interoperability, eliminate friction, and promote payment growth of the card-

linked offers. Members include Facebook, First Data, Microsoft, MasterCard, Living Social, Affinity Solutions, CardSpring, Bank of America, Discover, and Linkable Networks. Silvio Tavares is CEO at The CardLinx Association in San Francisco, California, (202) 549-4397, [email protected], www.cardlinx.org.

months of 2012. MasterCard’s share of debit card purchase transactions increased by 64 basis points, from 27.56% to 28.20%. For credit and debit cards combined, Visa’s market share increased 23 points, from 63.68% to 63.90%.

Combined credit and debit card purchase volume was up 7.9% over the first nine months of 2012. Credit card purchase volume increased 7.8% or $127.13 billion. Debit card purchase volume increased 8.1% or $94.02 billion.

Visa increased its share of credit and debit card purchase volume to 55.66% from 55.27%. MasterCard’s share declined to 25.81% from 26.04%. American Express’s share declined to 15.45% from 15.51%. Discover’s share declined to 3.08% from 3.18%.

Credit card cash advances generated 3.56% of total credit card volume, down

from 3.73%. Debit card cash withdrawals generated 25.59% of total debit card volume, down from 26.34%.

*Terms not disclosed. (1) $20 million strategic investment. (2) Acquired 5% stake. (3) Led by e.ventures. (4) No investor(s) identified. (5) Led by Social & Capital Partnership. (6) Acquisition. (7) The private equity firms acquired a majority stake. (8) Led by Karlin Ventures. (9) Additional funding from parent company. (10) Undisclosed investment. (11) Led by Crunchfund. (12) Several individual investors. (13) Led by Next World Capital. (14) Undisclosed growth investment. (15) Acquisition of 550,000 Aeroplan co-branded credit card accounts. (16) Will buy 4.25 million shares from Info. Tech. Mgmt. (17) Led by Menlo Ventures. (18) By TA Associates including acquisition of equity held by Goldman Sachs. (19) Led by Core Innovation Capital. (20) Led by Second Avenue Partners. (21) Led by North Bridge Venture Partners. (22) Led by Sequoia Capital. © 2013 The Nilson Report

Yoyo seed funding(12) $1.2 U.K.PayPartners TransCard(6) * U.S.Zuora Series E(13) $50.0 U.S.Network Merchants Bregal Sagemount(14) * U.S.CIBC TD Bank(15) $158.0 CanadaRS2 Software Barclays Bank(16) $6.9 MaltaCheck Series C(17) $24.0 U.S.RoamEx Trans. Network Serv.(6) * CanadaBluePay Processing Recapitalization(18) * U.S.Wipit Series A(19) * U.S.Front Desk seed funding(20) $3.2 U.S.Paydiant growth equity(21) $15.0 U.S.Zazma Series A(22) $10.0 U.S.

Amount Company Buyer/Investor (mil.) Country

Amount Company Buyer/Investor (mil.) Country

SeptemberLeaf Heartland Pay. Sys.(1) $20.0 U.S.Carta Difference Capital(2) $2.0 CanadaAzimo seed funding(3) $1.0 U.K.LevelUp equity funding(4) $7.5 U.S.Simplee Series A(5) $10.0 U.S.eScan Data TransUnion(6) * U.S.IdenTrust Parallax Cap./StepStone(7) * U.S.Kreditech debt funding $7.0 GermanyDeem Series G(4) $70.0 U.S.Century Payments WorldPay(6) * U.S.Gyft Series A(8) $5.0 U.S.Grapple Montise(6) $63.4 U.K.Numbrs Centralway(9) $3.8 Switz.Prosper undisclosed funding $25.0 U.S.Clinkle Richard Branson(10) * U.S.Americant AmeriCommerce(6) * U.S.Plaid seed/angel funding(4) $2.8 U.S.Branding Brand Series B(11) $9.5 U.S.Official Payments ACI(6) $109.0 U.S.Advanced ChronoCash MoneyGram(6) * GreecePayLife Six(6) * Austria

Payment Industry Acquisitions & Investments September 2013

viSA’S ShARE imPROvED TO 55.66% FROm 55.27%.

CarDliNx assoCiatioN FormeD



http://www.cardlinx.org

ExxonMobil’s Esso European commercial fleet fuel card program will be acquired by

a newly formed joint venture between WEX and Radius. WEX will own 75% with Radius owning 25%. Radius is a company formed in 1990 to provide sales and marketing programs aimed at small businesses on behalf of retailers of petroleum products and other companies.

ExxonMobil, which sells under

the Esso brand in Europe, will enter into a 10-year agreement with the joint venture. WEX owns the receivables and operates the ExxonMobil fleet credit card programs in the U.S. and Canada.

WEX will purchase ExxonMobil’s commercial card program in nine countries in Europe. Approximately 1 million cards are involved. The cards are used mostly for fuel purchases by small business owners and their fleets of cars, trucks, and vans.

WEX will convert Esso’s card management system to the multicurrency platform it uses in Australia, New Zealand, and North America.

WEX estimates that the joint venture, which is its first fuel card business in Europe, will contribute approximately $35 million in annual revenue once investments are completed.

WEX also sells single-use virtual credit cards in Europe to online travel company clients. It entered the prepaid card program manager business through its 2012 acquisition of

CorporatePay. Two U.K. banks issue the virtual MasterCard product. David Maxsimic is President, International at WEX in South Portland, Maine, (207) 523-7379, [email protected], www.wexinc.com. Prior issues: 1,018, 995

domestic general purpose brands (such as RuPay, Elo, Discover, Interac, BC, Star, Bancontact, BankAxept, BCA, PostFinance, girocard, CuentaRUT, Verve, etc.), and private label credit, debit, and prepaid cards (such as store cards and fuel cards).

Global general purpose cards accounted for 56.11% of all payment cards in circulation at the end of 2012. UnionPay brand cards accounted for 24.47% of the worldwide total of all payment cards, Visa cards accounted for 17.31%, MasterCard cards accounted for 8.01%. Maestro, Amex, JCB, and Diners cards combined accounted for 6.31%.

Private label cards accounted for 39.31% of the world total in 2012. Many of these cards are “gift” cards for use at retailers. Domestic general purpose cards (including Discover) accounted for 4.58%.

By 2017, payment cards are expected to increase by 42.4% over 2012, reaching 20.56 billion. Private

label cards (mostly prepaid), will lead the growth (up 2.09 billion). UnionPay is projected to increase by 1.81 billion, with domestic general purpose

up 1.01 billion, Visa up 0.70 billion, MasterCard up 0.42 billion, and the others (Maestro, Amex, JCB, Discover, Diners) up 0.10 billion.

UnionPay will be the only global general purpose brand that will increase its share. UnionPay cards in circulation are projected to gain 151 basis points

to 25.98%. Domestic general purpose cards collectively are expected to gain 366 basis points, led by RuPay in India and Elo in Brazil.

MasterCard cards are projected to decline 35 basis points in market share to 7.67%, private label cards are projected to decline 155 basis points to 37.76%, Visa cards are expected to decline 175 basis points to 15.55%, and the others (Maestro, American Express, JCB, Discover, and Diners Club cards) are expected to decline 152 basis points to 5.22%.

APPROximATE-Ly 1 miLLiON CARDS iN 9 COUNTRiES ARE iNvOLvED.

... AN iNCREASE OF 6.12 BiLLiON CARDS WORLD-WiDE By 2017.

wex Fuel CarD JoiNt veNture iN euroPe

PaymeNt CarDs ProJeCteD worlDwiDe (from page 1)...



http://www.wexinc.com

Top 150 Acquirers Worldwide 2012

Ranked by all purchase transactions by country (Visa, MasterCard, UnionPay, American Express, Discover, Diners Club, JCB, domestic debit and credit). *Includes other countries. © 2013 The Nilson Report

1 Bank of America (BAMS) U.S. 13,544.5 2 Vantiv U.S. 11,209.4 3 First Data U.S. 9,683.0 4 Chase Paymentech Sol. U.S. 9,044.9 5 Citi Merchant Services U.S. 6,166.4 6 WorldPay U.K.* 5,744.0 7 Cielo Brazil 4,301.6 8 Heartland Payment Sys. U.S. 3,295.8 9 Redecard Brazil 3,127.3 10 Moneris Solutions Canada 3,084.7 11 Barclays U.K. 3,024.0 12 WorldPay U.S. 2,704.9 13 Teller A/S Norway* 2,625.6 14 BC Card South Korea 2,603.7 15 Elavon U.S. 2,593.1 16 Credit Mutuel CIC France 2,578.2 17 Credit Agricole France 2,151.1 18 Global Payments U.S. 2,103.7 19 Wells Fargo U.S. 2,080.5 20 Swedbank Group Sweden* 1,595.0 21 China UnionPay China* 1,579.9 22 Global Payments Canada 1,480.5 23 JCB Japan 1,419.9 24 Sberbank Russia 1,335.9 25 Atos Worldline Belgium 1,271.1 26 TSYS U.S. 1,256.5 27 BPCE France 1,175.2 28 Global Payments U.K. 1,130.1 29 Mitsubishi UFJ Nicos Japan 1,110.2 30 Visa Argentina 1,077.0 31 Mercury Payment Sys. U.S. 1,056.9 32 Nets Finland 1,001.1 33 TD Merchant Services Canada 952.1 34 Samsung Card South Korea 936.7 35 Commonwealth Bank Australia 919.7 36 Elavon Europe Ireland* 919.3 37 BNP Paribas France 907.9 38 ANZ Merchant Serv. Australia 882.0 39 Societe Generale France 848.2 40 KB Kookmin Card South Korea 774.9 41 BBVA Bancomer Mexico 766.2 42 Nat’l Australia Bank Australia 753.1 43 B+S Card Service Germany 708.8 44 Garanti Bank Turkey 683.9 45 PNC Merchant Services U.S. 683.6 46 Westpac Australia 667.3 47 Comercia Spain 637.1 48 SETEFI Italy 584.4 49 Hyundai Card South Korea 559.3 50 Mellat Bank Iran 555.7

51 Desjardins Canada 555.4 52 Yapi Kredi Bankasi Turkey 538.9 53 Credit Saison Japan 538.7 54 SunTrust Merchant Serv. U.S. 536.8 55 Aeon Financial Serv. Japan 532.1 56 Santander Brazil 498.4 57 Parsian Bank Iran 479.6 58 Transbank Chile 464.2 59 SIX Payment Serv. Switzerland 450.0 60 Absa South Africa 443.7 61 First Data Polska Poland 432.8 62 Nordea Sweden 432.3 63 Merrick Bank U.S. 431.2 64 CartaSi Italy 424.0 65 T. Isbank Turkey 423.7 66 TransFirst U.S. 413.3 67 EVO Payments Int’l U.S. 398.5 68 iPayment U.S. 397.2 69 Akbank Turkey 392.9 70 Unicre Portugal 364.4 71 Melli Bank Iran 362.1 72 Santander Group Spain* 355.1 73 Citibank Singapore* 354.7 74 La Banque Postale France 347.7 75 Evertec Puerto Rico* 343.0 76 Lloyds Banking Group U.K. 339.8 77 AIBMS Ireland 339.6 78 Sovereign/Santander U.S. 332.7 79 Banesco Banco Univ. Venezuela 321.8 80 PayLife Bank Austria 307.0 81 Banco Nac’l (Banamex) Mexico 291.1 82 eService Poland 280.8 83 Handelsbanken Sweden* 276.5 84 North American Bancard U.S. 267.9 85 Concardis Germany 264.7 86 Erste Bank Group Austria* 257.7 87 First Data Argentina 255.0 88 Grupo Banco Popular Spain 248.4 89 Merchant E-Solutions U.S. 239.6 90 Cynergy Data U.S. 238.6 91 Mercantil Banco Univ. Venezuela 234.1 92 First Nat’l Bank South Africa 233.7 93 BBVA Spain* 233.3 94 Bankia Spain 227.3 95 Moneris Solutions U.S. 224.9 96 Bank Pekao Poland 219.8 97 Intuit U.S. 218.8 98 Saderat Bank Iran 213.3 99 Standard Bank South Africa 209.2 100 BBVA Provincial Venezuela 208.0

101 ChinaTrust Comm. Taiwan 207.2 102 First American Pymt. Sys. U.S. 193.5 103 BB&T U.S. 189.6 104 Total Merchant Services U.S. 185.9 105 Raiffeisen Bank Austria* 176.6 106 NCCC Taiwan 174.4 107 Harbortouch U.S. 168.2 108 CardConnect U.S. 163.9 109 Nedbank South Africa 160.2 110 PostFinance Switzerland 158.3 111 Banc Sabadell Spain 157.8 112 PayPros U.S. 156.0 113 MSI Merchant Services U.S. 144.2 114 Orient Corporation Japan 138.7 115 Sage Payment Solutions U.S. 138.6 116 Global Payments Hong Kong* 132.5 117 Fidelity Nat’l Info. Serv. U.S. 132.2 118 Banco Merc. del Norte Mexico 126.8 119 Banco de Venezuela Venezuela 125.3 120 Finansbank Turkey 123.8 121 Westamerica Bank U.S. 123.8 122 Tejarat Bank Iran 120.9 123 Banco Santander/Elavon Mexico 120.8 124 T. Vakiflar Bankasi Turkey 119.0 125 Turk Ekonomi Bankasi Turkey 117.2 126 Aduno Switzerland 114.9 127 Element Payment Serv. U.S. 108.8 128 Pasargad Bank Iran 107.5 129 Commerce Bancshares U.S. 103.8 130 United Merchant Services U.S. 101.8 131 UCS Russia 101.7 132 BankCard Services U.S. 100.2 133 Privredna Banka Croatia 99.2 134 Merchants’ Choice U.S. 99.1 135 T.C. Ziraat Bankasi Turkey 97.9 136 Elavon Canada 96.7 137 Network International U.A.E. 96.6 138 Bancolombia Colombia 96.4 139 Kasikornbank Thailand 91.7 140 CardNET Dominican Republic 90.6 141 Electronic Payments U.S. 88.0 142 Key Merchant Serv./Elavon U.S. 83.8 143 Shared Elec. Bank Serv. Kuwait 81.2 144 Hang Seng Bank Hong Kong 80.8 145 PrivatBank Ukraine 80.3 146 Central Payment U.S. 79.5 147 HSBC Mexico 79.0 148 Al Rajhi Bank Saudi Arabia 77.8 149 Deutsche Credit Card Italy 76.1 150 Saman Bank Iran 75.0

Transactions Transactions Transactions Rank Acquirer, Country (mil.) Rank Acquirer, Country (mil.) Rank Acquirer, Country (mil.)



industry consulting practices have contracted and others have closed or been acquired. Deloitte is an exception. Over the last five years it has grown

from 610 advisors to more than 1,000, adding many former card industry executives and government regulators.

Over the last six months Deloitte has seen business pick up even further, in particular among payment card issuers who have seen revenue growth in recent years from improvements in credit quality, lower charge-offs, and cost-cutting, but want to look beyond these short-term benefits. Issuers have a pent-up desire to deploy innovations. They also show significant interest in new uses of predictive analytics. These technologies can now identify a cardholder’s predisposition toward a certain type of reward which increases the value of loyalty programs. Other analytics use structured and/or unstructured data to anticipate cardholder complaints. Higher levels of customer service are seen as a must to support long-term growth. In countries including the U.S., reducing complaints is also a response to potential regulatory action. Banks want to answer complaints before they are reported to the Consumer Financial Protection Bureau.

More than 50% of Deloitte’s projects are cross-border. Companies are looking to

expand into Asia, Africa, and Latin America. U.S. companies, including early stage technology companies, processors, and ISOs, as well as issuers and acquirers, want to enter China, while companies in China are looking to expand to the U.S.

Merger and acquisition consulting has returned to prerecession levels. Of particular interest is the acquisition of fraud and risk management vendors. In some cases, Deloitte advises companies to make at least an investment if not taking controlling interest in order to preserve options. It advises financial services clients on the role of private equity firms in payment systems.

Recognizing that new innovations usually don’t launch at scale, Deloitte is helping clients form consortiums of companies who can contribute pieces to a project cumulatively and generate scale benefits for all parties by leveraging the cloud. This approach has worked in health industry payments, loyalty, mobile, and social networking projects.

In all markets Deloitte sees interest in new products and services for consumers who are outside the financial services industry. The availability of smartphones by this group, as well as by small merchants, leads Deloitte to combine analytics with mobile delivery to combat the risks associated with the mobile channel for a variety of

products and services. Deloitte says that only 10% of its projects start out as a contract for mobile services but that more than 50% of its projects touch on mobile.

Social media’s impact on payments is an area of focus for Deloitte. It advises established companies on the potential for nonbanks to disintermediate legacy systems and their operators.

Deloitte customers include most of the world’s 10 largest retail

banks, most of the largest payment processors, 8 of the 10 largest credit card issuers in the U.S., and 2 of the 3 largest U.S. debit card issuers. Brian Shniderman is Principal at Deloitte

Consulting in New York, (602) 738-7600, [email protected], www.deloitte.com/us/consulting. Prior issues: 1,006, 980, 971, 968, 959, 951, 923, 915, 908, 878, 830, 820, 801, 777, 768, 746, 724

... hAS GROWN FROm 610 ADvi-SORS TO mORE ThAN 1,000 OvER ThE LAST 5 yEARS.

David Robertson, Publisher NoveMBer 18, 2013

Deloitte PaymeNts iNDustry CoNsultiNg (from page 1)...



http://www.deloitte.com/us/consulting

http://www.deloitte.com/us/consulting

51 TOP ACQUiRERS WORLDWiDE Growth in Global · PDF fileTOP ACQUiRERS WORLDWiDE The 150 largest...

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