Scale, software and data—not price—now decide who wins in payment processing. Giants like Fiserv, Global Payments and Adyen stitch cards, wallets and bank rails into one brain, lifting approvals and shaving fraud while embedding themselves in merchants’ operating systems.
The networks solve a wicked coordination problem. They give every merchant a way to accept every card from every bank, in every country, with one contract and one technical spec. Replicating that means persuading millions of merchants and tens of thousands of issuers to adopt the same rules
The Global Payment Ecosystem: Visa and Mastercard mint margins as toll roads; fintechs add slick apps but face thinner take rates and fierce competition.
Marsh McLennan’s stock is down, but secular growth drivers remain. Can the risk-adviser giant still deliver for long-term investors?
When the house itself is on the market, investors can buy a toll‑booth that never sleeps.
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