M&A activity in payments remained strong after a record year in 2019, which stood out due to several megadeals that drove unusually high deal values. In 2020, despite the pandemic, overall M&A activity returned to levels comparable with prior years, demonstrating the sector’s resilience. This environment is expected to accelerate consolidation, as smaller players struggle to compete while larger firms strengthen their positions. Major players are using scope deals to expand into adjacent services such as cross‑border business‑to‑business payments, open banking, alternative rail payments, and security. A wave of megamergers among global payment leaders highlights how scale and diversification are becoming critical to compete effectively and drive long‑term growth.

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