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Payment Service Provider 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 Adyen 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 Wirecard 2 Computop FD telecash 1 38 Paypal Plus 1 VR Payment 1 Klarna 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.
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