48
49
CMSPI – IAC State of the Industry Report
CMSPI – IAC State of the Industry Report
Section 2.3.1 – Card Networks in the Americas
$60
$50
$40
$30
$20
$10
$0
Visa
Mastercard
American Express
JCB
Discover
2019 2020 2021 2022 2023
Graph 2.10 – Net Revenue by Network (2019-2023) 71
$600
40
36
35
$500
29
30
$400
25
$300
20
17
15
$200
10
10
$100
5
$-
0
Visa
Mastercard
American Express
Discover
Market Cap
PE
Graph 2.11 – Market Cap and PE Ratio by Network (2023) 72
Figure 2.4 – Card Network Market Shares in the Americas 73
71 Company 10ks 72 Company 10ks
73 Market shares are based on card transaction value. Some of the names have been shortened for legibility
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