U.S. Core Processor Market Analysis

Core processors are the infrastructure behind every card swipe, but their role is often misunderstood. Whether you are launching a new card program or scaling an existing one, this report will help you understand how core processors work and when it makes sense to work with one directly. We explain what processors do, how the market has evolved, and the tradeoffs between using a program manager or engaging a core processor yourself. You will also find detailed profiles of CoreCard, Episode Six, Galileo, Highnote, i2c, Lithic, Marqeta, Qolo, Stripe, and Zeta. The goal is to give your team the clarity and context needed to make smart infrastructure decisions as you build and grow your card product.

What the data shows

The U.S. issuer processor market is projected to grow from roughly $8 billion in 2025 to $15 billion by 2034 in real terms, a 6.5% compound annual growth rate. The bigger story is the shift underneath that number: traditional providers like Fiserv, FIS, and Jack Henry grow slowly, from about $6.5B to $7.5B, while modern processors such as Stripe, Marqeta, and Lithic are projected to grow fivefold (from $1.5B to $7.5B), splitting the market evenly with legacy players by 2034. Credit remains the highest-margin segment, generating nearly 50% of revenue despite a smaller share of transactions.

The report profiles ten processors (CoreCard, Episode Six, Galileo, Highnote, i2c, Lithic, Marqeta, Qolo, Stripe, and Zeta) and compares their capabilities across 40+ criteria (authorization logic, card-type support, settlement methods, tokenization, real-time ledger integration, and more), with operational guidance on when to go direct, when to migrate off a program manager, and how to weigh build-vs-buy.