Which is bigger: Mastercard or Visa?

Visa is bigger than Mastercard based on cards in circulation, purchase volume, and merchant locations. Mastercard has a larger reach than Visa, though, because Mastercard is accepted in over 210 countries and territories compared to Visa’s 200+ countries and territories.

Whether you are using a Visa or Mastercard, there is a high likelihood that your credit card will be accepted wherever you take it. There is little practical difference between the two networks for consumers.  

Visa vs. Mastercard: Which Network is Bigger?

Sources: Nilson Report (Feb. 2022), Mastercard and Visa

Market Capitalization of Visa vs. Mastercard

You could also use market capitalization as a metric to determine whether Mastercard or Visa is a bigger company. Investors in particular may be interested in market capitalization, which is the value of a company on the stock market.

Visa has a bigger market capitalization, at $485.30 billion, compared to Mastercard’s $357.62 billion (as of February 1, 2023). In addition, Visa has historically been the larger of the two, though Visa became a publicly-traded company in 2008, two years after Mastercard.  

Despite differences in market size and international acceptance, both networks are accepted by nearly every vendor who accepts credit cards as payment in the U.S. Ultimately, it won’t matter to most cardholders if they have a Mastercard or a Visa. While Visa is bigger by most metrics, there is virtually no other reason to seek out Visa over Mastercard, as they are functionally the same. So, you’re better off looking for the best credit cards from each network before you start applying.