2020年支付、处理器和金融科技：支付正在软件占领世界的趋势下获取一席之地 - 瑞士信贷银行（英文版）（261页）.pdf

1、Payments, Processors, ecosystem scaling FleetCor Technologies (FLT): King of the Cross-Sell Western Union (WU): The traditional money remittance power WEX (WEX): Operating in attractive FinTech swim lanes Verra Mobility (VRRM): Market leader in tolling payments processing and traffic safety solution

2、s Repay (RPAY): Integrated payments platform serving niche (but expanding) verticals International Money Express (IMXI): Focused competitor gaining share in important remittance corridors 24 January 2020Source: Credit Suisse estimates Payments, Processors, Emphasis on attracting new payments flows o

3、nto both card and non-card rails (Visa Direct + Earthport, efforts in both cross-border and B2B, recently announced pending acquistion of Plaid) MAMastercard, Inc.$330 OP $324$350 Higher exposure to faster growth international markets; Acquisitions (Vocalink, Transfast, Nets, Transactis) support mul

4、ti-rail approach, B2B (Mastercard Track), and bill-pay (Mastercard Bill Pay Exchange); Maestro card conversions PYPLPayPal Holdings, Inc.$140 OP $116$135 Share gainer 45% of merchant acquiring in global eComm Two deals worth of revenue synergies in 2020; Longer-term in-store expansion in new countri

5、es FISVFiserv, Inc.$84 NEUTRAL $121$133 FDC undervalued thesis now validated by market (valuation); Exposure to attractive swim lanes (ISV, eCommerce International) albeit at lower levels of total revenue vs. Outperform-rated acquirers; GBS tougher compares ahead (following impressive acceleration i

6、n 2019) GPNGlobal Payments, Inc.$60 OP $199$230 Highest relative exposure to the fastest growing channels (owned Leading credit issuer processor via TSYS; Potential for more bank/JV partnerships SQSquare, Inc.$33 OP $69$84 Intersection of software + payments, 3x recycling; Sentiment and number reset