For decades, companies such as Visa and Mastercard havefacilitated electronic funds transfers around the world. But the digital disruptions that started emerging in recent years have been accelerated by the COVID-19 pandemic and could permanently change the digital payments landscape.This document describes the payment industry, its value drivers and the most important players, with a specific focus on payment service providers and networks (collectively referred to as “payment providers”). We examine past and present trends in the industry and the opportunities and possible developments in the foreseeable futureWe conclude with an overview of specific M&A and valuation-related challenges.

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