There have been exciting developments within the payments industry this past week, with Fidelity National Information Services Inc (FIS) announcing last Monday it has agreed to buy Worldpay for about $35 billion.
The acquisition marks the biggest deal to date in the fast-growing electronic payments industry. Growth in payment systems has kept deals rolling even as merger moves in other sectors have stalled due to concerns about trade tensions and a global economic slowdown.
The record-breaking international payments deal by FIS follows on from another huge acquisition; that of Fiserv Inc in their purchase of First Data Corp for $22 billion.
A source close to the matter said: “For FIS buying Worldpay means expanding beyond the world of financial outsourcing and tapping into payment processing and e-commerce, it is a diversification play giving FIS access to the high-growth payments sector.”
The financial technology sector is consolidating fast, with global payments set to reach $3 trillion a year in revenue by 2023 as more people switch from cash to digital payments for online and high street sales, consulting firm McKinsey predicts.
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