The Strategist

UnionPay overtakes Visa in debit card market share

05/29/2023 - 03:33

Nilson Report: China's UnionPay has surpassed US-based Visa шn terms of card market share.

Richard Bao
Richard Bao
China's UnionPay has for the first time surpassed the United States' Visa шn the market for debit cards, according to research by the international payments firm Nilson Report.

Compared to 38.78% for Visa, UnionPay debit card transactions reached 40.03% in 2022. In 2022, the US payment system processed $14.109 billion worth of "plastic" transactions, compared to $16.227 billion for the Chinese competitor. UnionPay transactions made up 75.12% of all payments, while Visa debit card transactions made up 63.91% of them.

Back in 2021, UnionPay had a market share of 38.68% and Visa had a market share of 39.53%. Debit card transactions in the US payment system have decreased from over 80% to 39.53% since 2011, however they grew in China from almost 0% to 38.68% in 2021. 

Between 2021 and 2022, the percentage of people using MasterCard debit cards decreased from 39.53 to 21.19 percent, a decrease of roughly 18.5 percentage points.