D 7465

74. Jahrgang · 1. Mai 2021 9 -2021

Digital Pflichtblatt der Frankfurter Wertpapierbörse Offprint Fritz Knapp Verlag · ISSN 0341-4019

PAYMENT SERVICE PROVIDER

Payment Service Provider – Germany’s “Hidden Champions”? Niklas Bartelt / Ulrich Hommel

Foto: Adobe Stock / theaphotography Management Abstract Payment Service Provider Germany

The role of payment service providers (PSPs) is not This independent study sees Computop as the always clear, even for experts in financial services. ­clear market leader with a 38% share of the turn- The authors explain the role of the service over of the merchants that it serves who are, in ­providers in the market, undertake a typification turn, 1.4 times larger than the average dealer. Pay- of the individual business models and show the one follows in second place with 21% and market share of the PSPs currently active in the in third place with 11%. Further evaluations con- German market among the top 200 merchants. cern the shares of the merchant segments of indi- They also explore the question of whether there is vidual PSPs, the effects of mergers of different a ”hidden champion“ in this sector in Germany or providers as well as the market outlook for pay- whether international providers will dominate the ment service providers. market.

Estimated market shares in the German PSP market in 2019 by merchant revenues serviced in percent

Evo 7 Adyen SIX 5 11

Ingenico 3 Payone* Unzer 3 21 FIS Worldpay 2 Concardis 2 Andere 2 2 Computop FD telecash 1 38 Paypal Plus 1 VR Payment 1 1

Source: authors‘ own analyses, expert input and EHI 2019 sales data. * incl. Girosolution

2 9 / 2021 Kreditwesen · Digital Offprint E ESSAY

Niklas Bartelt / Ulrich Hommel

Payment Service Provider – Germany’s “Hidden Champions”?

The market for PSPs in Germany is largely ganisational form in concrete terms. The nal Market (PSD2), for example, contains unknown and, consequently, its charac- explanations are intended to clarify how a very broad application of this term. It teristics and competitive structure are the special features of e-commerce trade includes not only payment service provid- only understood to a limited extent, even have promoted and shaped the emer- ers in the narrower sense, but also banks by financial experts from outside the sec- gence and growth of the PSP market to and central banks as providers of pay- tor. This is partly due to the fact that it is this day. Following on from this, in a ment services.2) a B2B market with a rather short history ­second step, the business models of PSPs compared to other financial services. and their main value drivers are analysed. In contrast, a narrower definition geared However, the PSP business has gained Based on this, thirdly, the current market to the needs of e-commerce is prioritised considerable economic importance in re- structure is described on the basis of the here: PSPs enable e-commerce merchants cent years, not least due to the rapid revenues of the retailers served by PSPs. to receive and process payments from growth of internet-based retailing. This This enables statements to be made re- their customers. The range of services newfound strength was documented for garding market concentration and com- varies and may be limited to some as- everyone by the promotion of the sup- petitive intensity. Fourthly, this makes it pects of payment processing or include posed market leader Wirecard AG to the possible to address the overarching ques- all technical processes. This excludes DAX in September 2018. tion of potential hidden champions. those companies that, for example, only provide their acquiring licence and do Wirecard AG‘s high-publicity upgrade not offer active payment processing sup- was associated with the expectation that Attempt at a definition port.3) PSPs would play an increasingly impor- tant role in the financial services market. It is difficult to find a clear definition of Compared to bricks-and-mortar retail, The now insolvent company was even “payment service provider”. The EU Di- e-commerce harbours a number of spe- temporarily granted the status of system- rective on Payment Services in the Inter- cial features that foster and shape the ic importance, documented, for example, by the short-selling ban imposed by Figure 1: Specifics of e-commerce as drivers of the specialisation/scale ­BaFin1) on the basis of the same. The advantages of the PSP business sluggish processing of the Wirecard scan- dal and the accompanying discussion as E-commerce Specialisation Economies Explanation to whether the company actually ever at- Specifics advantages of scale tained systemic relevance illustrates the General lack of transparency in the German PSP 24/7 availability ✓ – Compensation for capacity fluctuations/-utilisation market. If, for years, the origin of ficti- Importance of ✓ (✓) – Knowledge of processes as well as tious revenues is not questioned by ­Special processes intelligent automation options ­so-called market experts (despite clear in- Payment acceptance dications from abroad), this also demon- Cash no direct ✓ ✓ – Pure economies of scale via strates a lack of basic understanding of alternative ­graduated prices of payment the PSP business itself. These shortcom- ­methods (e.g. Visa, MasterCard) – Know-how, e.g. in risk assessment ings are to be addressed by this article. and regulation/licensing Conversion rate ✓ (✓) – Knowledge of the optimal This also addresses the question of payment method mix and the whether hidden champions can be found click route with the least customer abandonment in the German PSP market after all. In a Source: authors‘ own analyses first step, this article describes the PSP or-

Digital Offprint · Kreditwesen 9 / 2021 3 competencies and to outsource down- In e-commerce, economic success is essen- stream activities for value creation. This tially determined by the conversion rate, also includes payment processing. Three i.e. the actual purchase processing of the factors play a particularly important role virtual shopping basket. Basket abandon- © N. Bartelt here: ment is a continuous challenge for e-commerce, which among other things – Low search costs for comparison with depends strongly on the number and Dr. Niklas Bartelt offers from other competitors (for exam- convenience of the payment methods5) ple, promoted by price comparison plat- offered. Senior Advisor, DZ Bank AG; Frankfurt, forms). Lecturer, EBS Business School, EBS Universität für Wirtschaft & Recht, Wiesbaden – Massively advancing concentration pro- PSP business models cess4) within the industry as companies at a glance merge in order to grow and survive The use of PSPs enables specialisation – High speed of technological progress, and economies of scale in payment pro- © U. Hommel which generates a higher innovation cessing. They contribute directly to in- Prof. Dr. density of business models (much higher creasing economic success (pull effect). Ulrich Hommel than in stationary trade) At the same time, the integration of PSPs is unavoidable due to high competitive Ph.D., Chair of Corporate and University Two characteristics of e-commerce, as dis- pressure (push effect). Specialisation ad- Finance, EBS Business School, EBS Universität tinct from bricks-and-mortar retail, pose vantages usually manifest themselves in für Wirtschaft & Recht, Wiesbaden additional challenges: Firstly, the retailer PSP know-how regarding standards, pro- Before the meteoric rise and fall of the pay- must ensure that their offer is available cesses, risks, regulation, etc., which is ment service provider Wirecard, there were without interruption (i.e. 24/7). If service only relevant to the core business of the very few people, even in the financial services problems occur, troubleshooting should trade to a limited extent. On a case-by- industry, who knew anything about the busi- take place within minutes and not hours case basis, the financial regulatory li- ness model of payment service providers (PSPs). And even after the much-publicised Wirecard or days. Investments in, among other cence of a PSP can also be of benefit. case, there are still uncertainties among indus- things, a high-performance emergency Economies of scale result from the gradu- try representatives, politicians and supervisors, backup to ensure uninterrupted opera- ated prices of the payment procedures as which the authors try to clear up in this article. tion are therefore unavoidable. Secondly, well as the investments in IT and automa- They explain the role of the service providers in 6) the market, classify the individual business e-commerce requires the support of a tion (see Figure 1). ­models and show the market shares of the multitude of special processes that signif- PSPs currently active in Germany. They also ad- icantly increase transaction complexity. The business model of PSPs focuses on dress the question of whether Germany has These include returns, cancellations, par- B2B and therefore requires, above all, another “hidden champion“ in this field or whether international providers will dominate tial deliveries and reservations. Only if support from merchants. A client rela- the market. The aforementioned development these are sufficiently automated can the tionship with the merchants‘ customers is of market share as well as a current trend of retailer scale its business with a competi- not mandatory. This limits possible net- consolidation – which has taken hold of the tive cost structure. work effects that could arise in two-sided industry – play a role here. (ed.) markets, where success on one side of Since neither cash transactions nor step- the market supports market success on by-step transactions are possible in the other side (for example Visa, Payp- emergence and growth of PSPs. These in- e-commerce, there are specific counter- al).7) Consequently, potential monopoly clude the drivers that create high com- party risks that need to be addressed. rents are unlikely and the PSP is not a petitive pressure amongst e-commerce From the buyer‘s point of view, there is natural “Winner Takes All” market.8) merchants in general and e-commerce the risk that despite payment they will payment acceptance in particular. not receive their goods/services or their The traditional core of the PSP business is warranty, or will receive them in an in- the processing and forwarding of pay- adequate manner. This is particularly rel- ments from buyers to the merchant E-commerce-specific characteristics evant in the case of prepayment or in- (gateway and processing services). This of PSPs stant payment solutions without buyer may include providing the websites protection. For the seller, there is the where buyers select the payment meth- Compared to bricks-and-mortar retail, risk of bad debts, for example in the ods and enter their data (payment pag- competitive pressure in e-commerce is case of purchase on account or the re- es). Other services provided by the PSP particularly high. As a result, merchants versal or non-redemption of direct deb- may cover risk management, transaction are motivated to focus on their core its. matching (reconciliation) and payment

4 9 / 2021 Kreditwesen · Digital Offprint collection. Furthermore, PSPs usually of- example, I-Business reported once in ined on 189 retailers who represent 51 fer the acquiring of payment methods, 2016,12) while other publications follow a percent of the total EHI turnover. In a especially card payments, but also PayPal market definition that seems incompati- third step, the main PSP for the retailers and others. ble with the understanding of PSPs used was identified with the help of experts. here. This was successfully determined for 53 Collecting PSPs (for example Adyen) go percent of the sample by number of well beyond this level of service and act The data from the EHI Retail Institute dealers and 67 percent by dealer turno- as contractual partners in the execution (EHI) appears to be the most productive ver. Accordingly, the market share of the and design of payment procedures. They source so far. Since 2016, the EHI has PSPs – based on the retailers they serve – accept payments from buyers directly published the number of retailers who could be estimated by means of the 2019 and process them through their own ac- report one or more PSPs in response to EHI retailer turnover. In addition, further counts. From the merchant‘s point of the question “Which PSP‘s services do expert interviews were conducted to vali- view, this is an “all-round carefree” pack- you use to integrate payment services in date the results.15) age, with net payments credited after your online shop and process payments fees and retentions. However, the mer- accordingly?”13) The 1,000 B2C online Figure 2 shows that only a few providers chant no longer has any influence on the shops with the highest turnover for phys- achieve a market share of more than 10 contractual relationships with the pay- ment process providers or the payment Figure 2: Estimated market shares in the German PSP market in 2019 processing. The collecting model requires by merchant revenues serviced in percent a licence from the relevant banking regu- lator in most jurisdictions. Evo 7 One example of the growing competitive Adyen pressure in the PSP industry is the emer- SIX 5 11 gence of further forms of specialisation. 3 These include so-called meta-PSPs (for ex- Payone* 21 ample P-Pro), which take over the pro- Unzer 3 cessing of payment procedures for other FIS Worldpay 2 PSPs. This enables the service providers to Concardis 2 supplement their offer with payment Andere 2 procedures that they cannot profitably Wirecard 2 Computop FD telecash 1 offer themselves.9) Examples include 38 Paypal Plus 1 I-Deal, Paydirekt or Paylib, which have a VR Payment 1 relevant market position nationally but are of little importance internationally. Klarna 1 These payment methods are not attrac- Source: authors‘ own analyses, expert input and EHI 2019 sales data. * incl. Girosolution tive for foreign PSPs, for example, due to a lack of critical mass, but they can still be useful for cross-border customer ac- ical goods (including e-books) are sur- percent and thus occupy a potentially quisition.10) veyed.14) In this study, this is supplement- dominant market position. This is espe- ed by an examination of the market cially true for Computop with 38 percent shares by turnover of the retailers. The and Payone with 21 percent, but Adyen Structure of the PSP market and analysis by turnover size, and not only by and Evo also belong to this extended cir- intensity of competition number of retailers, is relevant due to cle with more than 5 percent market the high degree of concentration in the share. The data situation for the German PSP e-commerce market. market is only rudimentary. Various data sources exist at the international level. As In a first step, the top 200 e-commerce Providers focus a rule, they are based on turnover data retailers were identified and considered on specialisation of European or global providers, which on the basis of the EHI Top 1000 for 2019 include non-PSP-relevant business activi- above. This sample represents 92 percent The profile of the most important PSPs in ties, which limits the informative value of the turnover of the Top 1000. In a sec- terms of their customer structure has not for the PSP market per se.11) It is also ond step, retailers that do not use a PSP been discussed in detail in the literature doubtful whether international market or offer PSP services themselves (and are so far. Therefore, they are evaluated be- shares are a good estimation indicator therefore PSP market participants) were low according to the average size of the for the German market. Nationally, for excluded. This focuses the sample exam- retailers served and their rough sector

Digital Offprint · Kreditwesen 9 / 2021 5 retailer sales of the sample: generalists Figure 3: Average retailer turnover per PSP in 2019 compared to (40 percent), clothing (20 percent) and the sample average electronics retailers (16 percent). Com- 2,05 parative values were evaluated for the PSPs considered in more detail here and described in Figure 4. PSPs differ signifi- cantly in terms of their degree of sector 1,44 specialisation and only Computop earns the majority of its turnover from general- ists – i.e. retailers who have not special- 1,00 0,96 ised in one sector. Again, due to the sam- 0,79 0,77 ple composition, the explorative nature of the results should be noted.

In summary, it can be concluded that Computop is the clear market leader in the German PSP sector with a market Average Computop Payone* Adyen Evo Worldline syn. share of 38 percent. The dealers served by Computop in the sample are 1.4 times Source: authors‘ own analyses, expert input and EHI 2019 turnover data * incl. Girosolution larger than the average. At the same time, the company‘s sector diversification mix in the considered sample of the top effect against an unrestrained exercise of is above average. 60 percent of sales are 200 retailers, and the resulting profile is market power, especially in the case of earned in the top 3 sectors, compared to analysed. Figure 3 shows the average size Computop. Due to the sample composi- 76 percent for the entire sample. Com- of the dealers served by the PSPs under tion, however, the results are only ex- putop earns 50 percent of its turnover consideration in relation to the sample ploratory in nature. with generalists (in comparison, only 8 average. This illustrates that PSPs differ percent with clothing and 2 percent with significantly in terms of their target seg- Similarly, the sectors of the merchants electronics). Therefore, it is not surprising ments and that Computop and Evo, in served by the PSPs were evaluated in that the Otto Group is one of Com- particular, prefer to work with large comparison to the sample averages. putop‘s best-known and most important dealers. This should have a disciplinary Three sectors explain 76 percent of the customers.16)

With 21 percent market share, Payone Figure 4: Sample share of the top 3 sectors by retailer turnover in 2019 (with Girosolution)17) is the clear number per PSP in per cent two in the German market. The relatively 100 small size of the merchants served is an indication of its focus. This picture does not change if only Payone (without Giro- solution) is considered. Similar to Com- 76 77 putop, the sector diversification is high, 9 as the company only generates 58 per- 16 60 cent of its turnover with the top 3 sec- 58 60 2 tors. Nevertheless, electronics retailers 8 20 96 are a focus of Payone with 27 percent 26 32 compared to 16 percent for the entire sample. 68

50 14 13 40 Market shares after ongoing consolidation 18 16 4 0 0 Adyen is third among the top PSPs with Average Computop Payone* Adyen Evo Worldline syn. 11 per cent market share. Adyen‘s own Consumer Electronics Fashion General claim to focus primarily on the very large merchants cannot be definitively con- Source: authors‘ own analyses, expert input and EHI 2019 sales data. * inkl. Girosolution firmed from the data. The dealer size

6 9 / 2021 Kreditwesen · Digital Offprint corresponds to the sample average, selves. This value increases to 78 percent escape the general price and margin which, however, represents the top 200. if the conglomerate of Worldline is taken pressure. These are either niche players, In terms of the sector mix, there is a into account. innovative concepts or companies with a clear focus on clothing retailers with 68 differentiating brand. The PSPs that back percent. If, in addition to the concentration rate, these winners will grow with them. one considers the Herfindahl-Hirschman Whether profits will rise proportionately Evo achieves a market share of 7 percent Index (HHI), which can range from 0 to alongside volumes, however, seems un- and has a very distinctive profile: the 10,000, the value for the PSP market cov- likely. However, the economies of scale merchants it serves are twice as large as ered here is 2,105.21) This rises to only achieved can be used to position them- the average surveyed and are almost ex- 2,479 even if the synthetic Worldline is selves successfully in the higher-margin clusively active in the electronics sector taken into account. segment of small and medium-sized re- (96 percent). tailers, for example. At the same time, one should consider After Payone and Ingenico entered into a that the retailer side of the market is also Secondly, the example of Worldline joint venture18) and Worldline acquired highly concentrated. Moreover, the PSP shows that the European consolidation Six, the merger of Worldline and Ingeni- service is a commodity in its basic ele- trend will also have an impact on the co was then announced in 2020.19) There- ments, as it is essentially the processing German market in the future. An impor- fore, a conglomerate of Worldline was of standardised payment procedures tant driver is the leveraging of econo- additionally formed from the data of Payone, Girosolution, Six and Ingenico. This conglomerate would have achieved “If the origin of fictitious revenues is not questioned for years, a market share of 29 per cent, making it the clear number 2 and only just behind this proves a lack of basic understanding of the PSP business itself.” Computop. The electronics focus would have increased slightly to 32 percent, otherwise the industry and merchant with usually well-documented processes mies of scale by merging online and of- profile would be comparable to Payone and interfaces. This is why many large fline acquiring activities. The realisation as a stand-alone provider. merchants select their PSPs with the help of synergies with other payment and of public tenders. Contracting several transaction banking activities also plays a It may come as a surprise that this study PSPs is also not uncommon in order to role. The planned merger of Nets/Concar- only shows a market share of 2 percent compare options to support the ongoing dis with Nexi falls into this category, after for Wirecard AG. Without examining the business and as a backup. It therefore Nexi has already taken over SIA.22) Wirecard case in more detail , reference seems unlikely that PSPs will be able to must be made to investigations in the af- over-extend their margins with large The US is already a big step ahead: large termath of the company‘s collapse, which merchants (who make up the bulk of the bank IT providers like FIS and Finserv found that a large part of the reported market). have respectively acquired Worldpay and sales abroad were fictitious.20) According First Data, two globally active PSPs.23) to the analyses presented here, Wirecard Whether the capitalisation of technolo- also played a subordinate role in Germa- Current market trends gy-side merger advantages can be real- ny. No matter how one wants to view ised remains to be seen. It is also unclear this case, the company was never system- The strong position of Computop – still whether this rationale will lead to similar ically relevant. relatively unknown to the general public transactions in Europe. – shows that there is at least one hidden champion in the German market. Three The third trend is little discussed outside Nevertheless, high competitive current market developments may in­ expert circles: The expansion of value cre- intensity fluence its positioning in the coming ation by PSPs, especially under the col- years. lecting model. This usually leads to less The concentration of the German PSP substitutability of the PSP and thus to market is not surprising given the advan- Firstly, it is becoming apparent that the more attractive margins. Adyen is a nota- tages of specialisation and scale already historical trend towards higher retailer ble example here, as evidenced by the described. At first glance, this suggests concentration in e-commerce will contin- company‘s high margins and impressive that PSPs could increase their margins at ue in the coming years and that there market valuation.24) On the other hand, it the expense of merchants and therefore will be one to three winners per retail is still unclear how many of the e-com- competition may be limited. For exam- segment. In parallel, more and more spe- merce merchants will be willing to be- ple, the three largest suppliers distribute cialised e-commerce providers will proba- come dependent on a PSP or to finance 70 percent of market share among them- bly establish themselves and successfully higher margins.

Digital Offprint · Kreditwesen 9 / 2021 7 Footnotes 10) Cf. Bartelt, Hommel, ‘Did Wirecard ever matter? creating-a-new-world-class-leader-in-payment-servi- 1) BaFin „Allgemeinverfügung der Bundesanstalt Reflections on the structure of the German e-com- ces.html. für Finanzdienstleistungsaufsicht (BaFin)“, retrieved merce payment service provider market’, in: Journal 20) McCrum, D. (2020) „Wirecard: The timeline“, in: on 22 Feb 2021, from https://www.bafin.de/Shared- of Payments Strategy & Systems, 2021, Vol. 15, Nr. 1. Financial Times, 25 Jul 2020, retrieved on 22. Feb Docs/Veroeffentlichungen/DE/Aufsichtsrecht/Ver- 11) For example: Worldline ‘Creation of a new 2021, from https://www.ft.com/content/284fb1ad- fuegung/vf_190218_leerverkaufsmassnahme.html; world-class leader in payment services’, 3 Feb 2020, ddc0-45df- a075-0709b36868db. jsessionid=C1F6400BC0806F70087E5DD4A44F40C7.2 retrieved on 22 Feb 2021, from https://investors. 21) The concentration ratio C# measures the cumu- _cid370. worldline.com/content/dam/worldline/documents/ lative market share of the # largest companies. The 2) Directive (EU) 2015/2366 of the European Parlia- investors/presentations/worldline-ingenico-transac- HHI is the sum of the squared market shares of all ment and of the Council of 25 Nov 2015 on Pay- tion-3-february-2020-presentation.pdf, p. 10. companies. It approaches zero in the case of perfect ment Services in the Internal Market, Artikel 4, Ab- 12) Graf, “Ranking: Die größten deutschsprachigen competition and reaches 10,000 in the case of a mo- satz 11, retrieved on 22 Feb 2021, from https://eur- Onlinepayment-Dienstleister“, 8.7.2016, abgerufen nopoly. The bias of the HHI due to sample selection lex.europa.eu/legal-content/EN/TXT/?uri=celex% am 22.2.2021, von https://www.ibusiness.de/mem- is negligible because of the small size of the PSPs 3A32015L2366. bers/aktuell/db/361494jg.html. not included. 3) Cf. Bartelt, Hommel, ‘Did Wirecard ever matter? 13) EHI „EHI-Studie Online-Payment 2018 Zahlungs- 22) Nexi, „NEXI, EXCLUSIVE NEGOTIATIONS FOR THE Reflections on the structure of the German e-com- arten im E-Commerce, Strategien, Herausforderun- MERGER WITH NETS“, 2.11.2020, retrieved on 22 merce payment service provider market’, in: Journal gen und Perspektiven“, EHI, May 2018, p. 45. Feb 2021, from ‘https://www.nexi.it/content/dam/ of Payments Strategy & Systems, 2021, Vol. 15, Nr. 1. 14) Ibid, p. 13. nexi/download/investror-relations/2020.11.02%20 4) Bartelt „Kundenbindung im E–Commerce durch 15) Cf. Bartelt, Hommel, „Did Wirecard ever matter? -%20PR%20Exclusive%20negotiations%20for%20 ,unsichtbare’ Zahlungen”, in: Zeitschrift für Zah- Reflections on the structure of the German- e-com the%20merger%20with%20Nets_ENG.pdf und SIA, lungsverkehr und Payments – cards Karten cartes, merce payment service provider market“, in: Journal ‘Nexi and SIA, agreement for the creation of the 15 May 2020, p. 24. of Payments Strategy & Systems, 2021, Vol. 15, Nr. 1. European digital payments PayTech leader’, 5. Oct 5) Using the example of transac- 16) Computop, „Computop übernimmt Online-Zah- 2020, retrieved on 22 Feb 2021, from https://www. tions, cf. ibid. lungsverkehr für die Otto Group“, 25. Nov 2013, re- sia.eu/en/media-events/news-press-releases/nexi- 6) For the trader perspective of economies of scale cf. trieved on 22 Feb 2021, from https://computoS.com/ and-sia-agreement-for-the-creation-of-the-europe- Geerling, ‘E-commerce: A merchant’s perspective on de/ueber-uns/presse/pressemeldungen/computop- an-digital-payments-paytech-leader. innovative solutions in payments‘, in: Journal of Pay- uebernimmt-online-zahlungsverkehr-fuer-die-ot- 23) FIS, „FIS and Worldpay to Combine to Accelera- ments Strategy & Systems, 2018, Vol. 12, Nr. 1, p. 61. togroup. te the Future of Finance and Commerce Globally“, 7) Rochet, Tirole, ‘Must-take cards: Merchant dis- 17) For the interaction cf. Illg/Bloching, „Payment 18. Mar 2019, retrieved on 22 Feb 2021, from counts and avoided costs’, in: Journal of the Euro- 2.0 – innovative Bezahllösungen der Sparkassen-Fi- https://www.fisglobal.com/en/about-us/media-room/ pean Economic Association, Vol. 9, Nr. 3, June 2011, nanzgruppe“, in: Zeitschrift für das gesamte Kredit- press-release/2019/fis-and-worldpay-to-combine-to- p. 462-495. wesen, 2016, Nr. 8, S. 381. accelerate-the-future-of-finance-and-commerce- 8) Cf. Bartelt, Hommel, ‘Did Wirecard ever matter? 18) Kohleppel, „Der Zahlungsverkehr und das deut- globally und Fiserv, ‘Fiserv Completes Combination Reflections on the structure of the German e-com- sche Kreditgewerbe – eine Einschätzung“, in: Zeit- With First Data Further Cementing Industry Leader- merce payment service provider market’, in: Journal schrift für das gesamte Kreditwesen, 2018, Nr. 13, ship’, 29 Jul 2019, retrieved on 22 Feb 2021, from of Payments Strategy & Systems, March 2021, Vol. p. 666. https://investors.fiserv.com/news-releases/news-re- 15, Nr. 1. 19) Carlander, „Worldline welcomes Ingenico, crea- lease-details/fiserv-completes-combination-first-da- 9) Bruggink / Ohlhausen, ‘Connecting the dots in e- ting a new world-class leader in payment services“, ta-further-cementing. commerce payments: An interview with Ralf Ohl- 30. Oct 2020, retrieved on 22 Feb 2021, von https:// 24) Morgan Stanley, „Adyen NV Combining techno- hausen’, in: Journal of Payments Strategy & Systems, www.ingenico.com/press-and-publications/press-re- logy and payments in one platform“, in: Research, 2017, Vol. 11, Nr. 2, p. 103-105. leases/all/2020/10/worldline-welcomes-ingenico- 23 Jul 2018, p. 1.

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