Visa and Mastercard had varying market shares across 14 different European countries in 2021, sometimes significantly lower than domestic payment cards. Visa was the largest card issuer in Ireland and the United Kingdom, with market shares of over 80 percent in both countries. Mastercard, on the other hand, held market shares of 88 percent and 70 percent in the Netherlands and Sweden, respectively. Unlike the United States, Visa and Mastercard are often associated with debit cards in Europe. Indeed, debit card use is more prevalent than the use of credit cards in Europe, as revealed by estimates on credit cards and debit cards per capita in 37 European countries.
Visa is Europe’s biggest payment brand...
Across all considered European payment figures, Visa outperforms MasterCard. For instance, credit cards and prepaid cards issued across the European continent were used for nearly 97 billion transactions in 2019. Nearly 60 percent of all these transactions were done with Visa general purpose cards, while MasterCard made up for 39 percent of the market. In 2018, Visa also had a higher purchase volume in Europe than MasterCard, Amex and Diners combined. Visa made up for 1.8 trillion of the three trillion U.S. dollars that credit cards, debit cards, and prepaid cards generated that year in Europe.
... but in name only, as Europe’s payment landscape is complicated.
When looking at European countries individually, however, the market shares of Visa and MasterCard varied dramatically. In Germany, for example, the domestic card brand Girocard had a market share of 75 percent, whereas Visa and MasterCard each made up around 13 and 11 percent of the market. Italy, on the other hand, was more divided. Bancomat cards made up 45 percent of transactions, whereas MasterCard and Visa each held a market share of approximately 20 and 34 percent. Market shares for either Visa or MasterCard are not readily available in France as the term “bank card” or carte bancaire (derived from the domestic payment brand CB) is not associated with a particular brand in French language, as can be seen in a domestic survey on the most preferred payment methods in France.
FAQs
Visa is Europe's biggest payment brand...
Does Visa or Mastercard have more market share? ›
Number of Cards in Circulation
Visa comes in at the top, at 57.5% of all cards in circulation globally in 2022. People appear to be gradually moving towards Mastercard as its share has steadily increased over the years and it currently holds 37.5% of the cards in circulation in 2022.
Which credit card is used most in Europe? ›
In Europe, there are two main credit card providers. Between Visa and Mastercard they make up over 90 percent. In total, there are over 810 million payment cards across the continent.
Is Visa or Mastercard more accepted internationally? ›
Worldwide acceptance
According to Visa, cards issued through its payment network are accepted in 200 countries and territories around the world. Meanwhile, Mastercard reports acceptance in 210 countries and territories around the world.
Is Mastercard or Visa more popular? ›
Visa boasts the largest market share with 48.8% of the market, acceptance in more than 200 countries, and 8 million merchants in the U.S. that accept it. MasterCard is the second-most popular card network with 31.3% of the market share, acceptance in more than 210 countries, and 8 million U.S. merchants.
Is Visa or Mastercard more popular in Europe? ›
Visa is Europe's biggest payment brand...
For instance, credit cards and prepaid cards issued across the European continent were used for nearly 97 billion transactions in 2019. Nearly 60 percent of all these transactions were done with Visa general purpose cards, while MasterCard made up for 39 percent of the market.
Which credit card has the largest market share? ›
Measured by outstanding balances, Chase had the largest credit card market share of any issuer in 2022: $154.3 billion, according to the Nilson Report. Wells Fargo had the largest debit card market share of any issuer in 2022, when measured by purchase volume: $464 billion.
What is the most popular payment method in Europe? ›
What payment methods are used in Europe? The most commonly used payment methods in Europe include debit cards, credit cards, digital wallets like PayPal, and bank transfers. Though debit and credit cards are popular for everyday transactions, digital wallets are on the rise, especially when it comes to online shopping.
Why does Germany not use credit cards? ›
“Germans do not like debt,” said Doris Neuberger, head of the money and credit department at Germany's University of Rostock. In fact, the German word for debt and guilt are derived from the same word (Schuld), and this moral charge helps produce the country's “low debt ratio and low usage of credit cards.”
What is the most accepted credit card for international travel? ›
Visa and Mastercard are usually accepted anywhere you can pay with a card. So if you want to use a Discover or Amex card abroad, you may want to bring a Visa or Mastercard along as well, just to be safe.
Visa and Mastercard are the two largest card networks in the world, accepted in more than 200 countries and territories. Mastercard credit cards are more widely accepted internationally, while Visa cards tend to offer more benefits. But for most consumers, there is no practical difference between Visa and Mastercard.
Why does Costco not accept Mastercard? ›
Since Costco has an established partnership with Visa, customers can't pay for in-store purchases with cards from the other major networks — American Express, Discover, and Mastercard. That said, consumers can use Discover and Mastercard (but not Amex) when shopping on Costco.com and the Costco app.
Why are banks switching from Visa to Mastercard? ›
If your bank switched a card from Visa to Mastercard, it was likely because they felt the features and benefits of Mastercard were better than those of Visa. For example, the issuer might take into consideration processing fees or network-level benefits like travel insurance or purchase protection.
Which credit card is most accepted in Europe? ›
Despite some differences between European and US cards, there's little to worry about. US-issued Visa and Mastercard credit cards, along with familiar payment apps, typically work fine in Europe.
Why has Mastercard outperformed Visa? ›
Specifically, over the majority of the time, Mastercard is only growing faster than Visa because it has a lower base, rather than outgrowing in absolute dollars. Speaking about growth, there are several metrics to consider when comparing those two.
Why Mastercard instead of Visa? ›
Benefits comparison: Visa vs. Mastercard. On entry level cards, there is very little difference between Visa and Mastercard, as both provide a similar suite of basic features. However, Mastercard includes impressive special luxury offers on its World and World Elite level cards, which can be attractive for big spenders ...
Which company is bigger Mastercard or Visa? ›
Visa and Mastercard are both publicly traded. Visa (trading symbol V) commands a $497.5 billion market capitalization, while Mastercard (trading symbol MA) follows closely behind at $359.8 billion (market caps as of May 18, 2021).
Which card has more value Visa or Mastercard? ›
Benefits comparison: Visa vs. Mastercard. On entry level cards, there is very little difference between Visa and Mastercard, as both provide a similar suite of basic features. However, Mastercard includes impressive special luxury offers on its World and World Elite level cards, which can be attractive for big spenders ...
Who is the largest credit card company? ›
The Largest Credit Card Issuers
- Chase: $602.1 billion.
- American Express: $547.6 billion.
- Citi: $287.2 billion.
- Capital One: $272.6 billion.
- Bank of America: $244.2 billion.
- Discover: $105.8 billion.
- U.S. Bank: $98.8 billion.
- Wells Fargo: $90.6 billion.
While Visa and Mastercard have long been the most widely accepted credit card networks worldwide, American Express and Discover have been working on expanding their footprints in the U.S. and abroad.
