资源描述
|2023 08 06/23Q1 9860 Visa 5%American Express Disvover Visa Mastercard 08 08Q4 8660 13Q1 6600 13Q2-19Q4 19Q4 9270 5 21Q1 7700 23Q1 9860 5.7 2019-2022 22%2022 Visa 2022 Visa 31%30%14%12%VISA 2022 14.1 293.1 149.6 10%5%40 0.8 7097.4 8.4 6928.3 9.5%1m 6m 12m 7.3 3.8 9.8 4.2 6.7 11.8 1 23H1 2023-08-05 2-2023 7 7 2023-08-03 3 7 7 2023-08-01 S1090521010002-20-15-10-5051015Aug/22 Nov/22 Mar/23 Jul/23(%)银行 沪深300 2.5 1.1.5 1.2.6 1.3-.9-.10 2.1.10 2.2 Visa.12 2.3.12-.13 3.1.13 3.2.15 3.3.15 3.4 Capital One-.17-VISA.18 4.1 VISA.19 4.2.22.25.25 1.5 2.6 3.6 4.6 5%.7 6.8 7.9 8.9 9 90%.10 XVFUxOnQmPqRoQnOsPqPoP9PdN7NsQmMnPmPkPqQuMkPrRtM6MmNtONZpNqNwMoOoR 3 10 90%.10 11.10 12.11 13.11 14.12 15 2022.12 16.13 17 2022.13 18 2022.13 19.14 20.14 21.14 22.14 23.14 24.15 25.15 26.16 27.16 28.16 29.17 30 Capital One.17 31 Capital One.18 32 2022 Capital One 6.67%.18 33 Capital One.18 34 Capital One.18 33 2018-2022 Visa.20 36 Visa.20 37 2018-2022 Visa.20 38 2018-2022 Visa.20 39 Visa.21 40 Visa.21 41 Visa.22 4 42 2020-2022.23 43 2018-2021.23 44.24 45 2018-2022 GDV.24 46 2018-2022 GDV.25 1.7 2 Assessment Fees.7 3.8 4.22 5 1950-1958 1958-20-Visa 20 1.1 merchants cardholders American Express Discover 1 American Express Visa 6 2 Visa 1.2 3 4 1 credit function 80%10%2022 23Q1 20%7 5%2 transaction function Interchange Fee Assessment Fee Payment Processing Fee reward expenses-4%Interchange fee Interchange Fee American Express Discover Mastercard Visa Visa Discover American Express 1/MC Credit Consumer Core 1.65%+$0.02 1.95%+$0.02 MC Credit Consumer Enhanced 1.80%+$0.02 2.10%+$0.02 MC Credit World 1.90%+$0.02 2.20%+$0.02 MC Credit World Elite 2.30%+$0.02 2.60%+$0.02 Assessment Fee Interchange Fee American Express 0.165%1000 0.01%2 Assessment Fees Visa Discover American Express 0.14%0.1375%($1,000);0.01%($1,000)0.14%0.165%Wells Fargo Merchant Services Payment Network Pass-Through Fee Schedule Paypal 1012141618202294Q495Q396Q297Q197Q498Q399Q200Q100Q401Q302Q203Q103Q404Q305Q206Q106Q407Q308Q209Q109Q410Q311Q212Q112Q413Q314Q215Q115Q416Q317Q218Q118Q419Q320Q221Q121Q422Q3All accounts Accounts assessed interest 8 Square 2016 3 18 2016 9 6 0.6%3 0.35%13 0.45%0.0325%3.25 0.0325%3.25 3-2020 10.9%9.8%2015 6 2017 2020 2017 2019 2020 9 7 2015 2020 2015 6 2020 13 8 1.3-90 8%90 13.7%10%22Q3 7.6%22Q4 23Q1 18 29 90 30 39 10 9 90%10 90%New York Fed Consumer Credit Panel New York Fed Consumer Credit Panel IT Rewards Card 2017 2020 2020 60%11-2.1 2021 84%,2008 2008Q4 8660 024681012141603Q103Q404Q305Q206Q106Q407Q308Q209Q109Q410Q311Q212Q112Q413Q314Q215Q115Q416Q317Q218Q118Q419Q320Q221Q121Q422Q3mortgage heloc autocredit card student loan otherall02468101218-29 30-39 40-49 50-5960-69 70+all 11 2013Q1 6600 2013Q2-2019Q4 2019Q4 9270 2020 5 2021Q1 7700 2021Q1-2023Q1 7700 9860 13.2%12 New York Fed Consumer Credit Panel/Equifax 20 2003Q1 9.51%2020 2022 6%2020 13 New York Fed Consumer Credit Panel/Equifax 2008 4.96 2010 3.78 2019 2020 50006000700080009000100001100003:Q103:Q304:Q104:Q305:Q105:Q306:Q106:Q307:Q107:Q308:Q108:Q309:Q109:Q310:Q110:Q311:Q111:Q312:Q112:Q313:Q113:Q314:Q114:Q315:Q115:Q316:Q116:Q317:Q117:Q318:Q118:Q319:Q119:Q320:Q120:Q321:Q121:Q322:Q122:Q323:Q1 64%65%66%67%68%69%70%71%72%73%74%75%0%2%4%6%8%10%12%03:Q103:Q304:Q104:Q305:Q105:Q306:Q106:Q307:Q107:Q308:Q108:Q309:Q109:Q310:Q110:Q311:Q111:Q312:Q112:Q313:Q113:Q314:Q114:Q315:Q115:Q316:Q116:Q317:Q117:Q318:Q118:Q319:Q119:Q320:Q120:Q321:Q121:Q322:Q122:Q323:Q1HE Revolving Auto Loan Credit CardStudent Loan Other Mortgage 12 14 New York Fed Consumer Credit Panel/Equifax 2.2 Visa American Express Discover Visa 2022 Visa Discover 2022 Visa 31%30%14%12%American Express 11%Discover 2%15 2022 Nilson Report 2.3 2022 10 4.49 82.4%2022 1.14 830 20.96%0.13 010020030040050060070003:Q103:Q304:Q104:Q305:Q105:Q306:Q106:Q307:Q107:Q308:Q108:Q309:Q109:Q310:Q110:Q311:Q111:Q312:Q112:Q313:Q113:Q314:Q114:Q315:Q115:Q316:Q116:Q317:Q117:Q318:Q118:Q319:Q119:Q320:Q120:Q321:Q121:Q322:Q122:Q323:Q131%30%14%12%11%2%0%5%10%15%20%25%30%35%VISA debitVISA creditMastercard creditMastercard debitAmerican Express creditDiscover creditmarket share by purchase volume 13 16 17 2022 Nilson Report Nilson Report 2022 81.5%16.78%18 2022 Nilson Report-3.1 2022 1852 17%2019-2022 22%2022 10647 2021 19.2%2017-2022 2020 2017-2022 11.3%114310275635354812111919508344834554141821660 200 400 600 800 1000 1200 1400JP Morgan ChaseAmerican ExpressCITICapital OneBank of AmericaDiscoverU.S.Bank2022 202120.96%18.83%10.33%9.81%8.82%3.86%3.50%3.15%1.83%1.30%0%5%10%15%20%25%ChaseAmerican ExpressCitiCapital OneBank of AmericaDiscoverU.S.BankWells FargoBarclaysSynchronymarket share by purchase volume16.78%12.12%11.18%10.77%9.63%8.17%4.01%3.86%2.64%2.35%0%2%4%6%8%10%12%14%16%18%ChaseAmerican ExpressCitiCapital OneBank of AmericaDiscoverU.S.BankWells FargoBarclays BankNavy Federal CUmarket share by outstanding 14 19 20 JP Morgan JP Morgan 2017-2022 2020 41.9%2021 800 2020 48.1%2022 960 20%21 JP Morgan 2022 44.2 13.4%0.64 reward costs and partner payments 43 interchange fee 22 23 JP Morgan JP Morgan 05001000150020002006 2012 2021 2022信用卡贷款622.2692.4762.8702.7893.51064.70200400600800100012002017 2018 2019 2020 2021 2022Credit card sales volume excluding commercial card（billions）8.47.8 7.85.489.60246810122017 2018 2019 2020 2021 2022New accounts opened0123456-30-20-100102030402019 2020 2021 2022Interchange and merchant processing incomeReward costs and partner paymentsOther card incomeTotal card income（右轴）10.48%10.92%10.51%9.87%5%6%7%8%9%10%11%12%2019 2020 2021 2022Net revenue rate 15 3.2 2017 2019 2017 1654.5 2019 1750.7 2020 22 1530.8 2021-2022 2022 1636 24 2019 10.5 2020 0.2 2021 2.8 2022 2.4 21 interchange fee 2020 2022 115.1 25 3.3 2022 2020 165.45169.49175.07153.08151.68163.60135.00140.00145.00150.00155.00160.00165.00170.00175.00180.002017 2018 2019 2020 2021 2022Loans Outstanding-0.4-0.200.20.40.60.811.2-15-10-50510152019 2020 2021 2022Interchange fees Card-related loan fees Card rewards and partner payments Total 16 2017 2019 87.9 101.7 2020 2021 2020 2021 87.6 77.7 2022 84.1 83.5 2020 26 27 Bank of America Bank of America 2022 440 2018 2021 2019 2018 4.8%2020 251 41.9%2020-2022 2022 28 2022 3566 2018 919 2020 9.5%2022 2021 14.4%3566 8.89.610.28.87.88.40246810122017 2018 2019 2020 2021 2022Interest Income91.194.6 94.585.075.483.501020304050607080901002017 2018 2019 2020 2021 2022Average Balance4544322513594400501001502002503003504004505002018 2019 2020 2021 2022New Accounts 17 29 3.4 Capital One-Capital One Capital One 2022 Capital One 4552 consumer bank Capital One Capital One 1 Test-and-learn 2 Teaser Rate Balance Transfer 3 4 2022 Capital One 3123 69%44%30 Capital One 264.7277.9251.6311.6356.60501001502002503003504002018 2019 2020 2021 2022Purchase Volume0.00%10.00%20.00%30.00%40.00%50.00%60.00%020040060080010001200140016002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022信用卡 零售银行 商业银行 信用卡贷款占比 18 Capital One 2022 Capital One 16.2%9.84%7.68%2022 6.67%31 Capital One 32 2022 Capital One 6.67%Capital One Capital One 2012-2022 Capital One 3.2%2022 Capital One 7%33 Capital One 34 Capital One Capital One Capital One-VISA VISA 2022 14.1 1925 2022 293.1 149.6 0%5%10%15%20%20122013201420152016201720182019202020212022Capital One 摩根大通 美国银行富国银行 花旗银行0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%20.00%1995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022净息差 计息负债成本率 生息资产收益率0%1%2%3%4%5%6%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022信用卡贷款核销比例Capital One 摩根大通美国银行 富国银行0%2%4%6%8%10%12%14%20122013201420152016201720182019202020212022Capital One 摩根大通 美国银行富国银行 花旗银行 19 4.1 VISA Visa 1958 Visa 1974 1975 Visa 2008 2016 Visa Visa Europe Visa 200 2022 2022 Visa 31%30%Visa Payment services consumer products new flows value added services C2B Visa Visa Visa Token Service C2B B2B B2C G2C P2P B2b Visa Visa Direct 2022 59 Visa 34%37%24%Visa 4%2018-2022 Visa 11%2022 Visa 396 21.8%134 16.5%144 12.5%98 50.8%20 17.7%20 33 2018-2022 Visa Visa Visa Visa Visa 2022 Visa 103 22.6%2018-2022 6.98%36 Visa 37 2018-2022 Visa Visa Visa Visa 2018-2022 8.2%40%2018 2019 2022 Visa 6.1 4 8.7 38 2018-2022 Visa Visa 2020 Visa 10%2021 Visa 13.2%2022 34.10%33.22%34.39%35.38%33.84%34.48%35.27%38.60%39.38%36.36%27.59%26.71%22.11%20.00%24.75%0510152025303540450%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 5.56.26.78.410.30246810122018 2019 2020 2021 2022 20.6 23.0 21.8 24.1 29.3 051015202530352018 2019 2020 2021 20220%5%10%15%20%25%30%35%40%0200040006000800010000120002018 2019 2020 2021 2022 21 21.5%149.6 39 Visa Visa Visa 9 30 Visa payments volume Visa Visa Visa Electron V PAY Interlink Visa processed transactions Visa Visa 2022 Visa 14.1 11.6 11.5%1925 16.9%41 10.8%40 Visa Visa Visa consumer credit consumer debit 85%2021 7-2022 6 Visa 4.7 17.2%5.3 10%10.3012.0810.8712.3114.9602468101214162018 2019 2020 2021 2022113001160011300130001410083008800 8800104001160012431383 14081647192505101520253035404502000400060008000100001200014000160002018 2019 2020 2021 2022Total volume（十亿美元）Payments volume（十亿美元）Transactions processed on Visas networks（亿笔）Cards（亿张，右轴）22 2 24.7%2.7 11.9%41 Visa Visa 4.2 1966(ICA)70 ICA International 2006 2009-2012 210 2022 14%12%payment network transactions ACH 1 2 3 4 Consumer Payment Products Consumer Credit Consumer Debit Prepaid New Payment Flows Disbursements and Remittances Send 1,4411,540 1,5181,6412,0472,455 2,4842,3632,3982,68405001,0001,5002,0002,5003,0002017.7-2018.6 2018.7-2019.6 2019.7-2020.6 2020.7-2021.6 2021.7-2022.6nominal payments volume-Consumer credit（U.S.）nominal payments volume-Consumer credit（International）nominal payments volume-Consumer debit（U.S.）nominal payments volume-Consumer debit（International）23 Commercial Point of Sale B2B Accounts Payable Consumer Bill Payments Payments Innovation payment network Value-added services and solutions switching GDV gross dollar volume 65%ACH 35%2021 domestic assessments cross-border volume fees Transaction processing Other revenues Rebates and incentives 27.3%15.6%36.2%20.9%2022 222.4 17.8%143.6 20.2%78.8 13.5%42 2020-2022 43 2018-2021 2018-2022 17.4%2022 15301188842223705,00010,00015,00020,00025,00002000400060008000100001200014000160002020 2021 2022payment network value-added services and solutions 21,83124,98023,61629,84505,00010,00015,00020,00025,00030,00035,00002,0004,0006,0008,00010,00012,0002018 2019 2020 2021Domestic assessments Cross-border volume feesTransaction processing Other revenuesGross revenue 24 130.8 19.4%44 Gross Dollar Volume GDV GDV purchase volume cash volume 2022 GDV 8200 6.5%2018-2022 GDV 8.6%Switched Transactions 2022 1257 12%2018-2022 14.2%45 2018-2022 GDV 2020 GDV 9.2%GDV 2022 9.92 2.5%36.3%2022 GDV 3.1 8.4%GDV 38%6,881 8,097 8,315 10,961 13,084 02,0004,0006,0008,00010,00012,00014,0002018 2019 2020 2021 2022rebates and incentives59065063077082073.887.390.1112.2125.702040608010012014001002003004005006007008009002018 2019 2020 2021 2022Gross dollar volume Switched transactions 25 46 2018-2022 GDV 1994 10%ROE 2022 920.5 2,5202,6702,4252,8993,14382488289496899260065070075080085090095010001050200022002400260028003000320034002018 2019 2020 2021 2022GDV 26 6-12 A 300 500 20%5-20%5%5%
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