The Green Sheet Online Edition
September 14, 2026 • 26:09:01
What matters in payments M&A- volume or scope?
The first half of 2026 drew into sharp focus the two competing theories of M&A in acquiring. In January, Global Payments completed its $24 billion acquisition of Worldpay, creating an acquirer processing $3.7 trillion across 6 million merchant locations in more than 175 countries: a bet on volume. In April, Adyen, the industry’s most committed organic builder, broke two decades of build-only doctrine with the agreed €750 million (approximately $872 million) purchase of loyalty platform Talon.One, and in June inked a $335 million deal for billing platform Orb: a bet on scope.
Both strategies have clear value, but both also carry a failure risk that history illustrates well. I do not think the winner can be called yet, and the deciding question is not scale or synergy but something simpler: where is the customer value?
Strategy one: buying volume
The volume playbook is the industry’s classic. Acquire a competitor, and with it merchant contracts, processing volume, local acquiring licenses, domestic scheme connections, in-country settlement, distribution relationships and bank referral channels.
The logic is industrial: acquiring is a fixed-cost business, so volume drives unit economics, and the rising fixed-cost burden of operational resilience regulation, scheme compliance programs and AI-driven fraud tooling rewards whoever can amortize it over the most transactions. Volume deals also buy market access that is slow and expensive to build organically: a license, a local acceptance footprint and an installed merchant base in one transaction.
Global Payments and Worldpay is the largest expression of this thesis ever attempted, but it is the same thesis that built Nexi out of Nets and SIA; built Worldline out of Ingenico, SIX Payment Services and a string of bank portfolios; and drove Nuvei’s acquisitions of SafeCharge and Paya before its own take-private by Advent in 2024. Paysafe is perhaps the purest case study: a business assembled almost entirely through acquisition, from Skrill to iPayment.
Strategy two: buying scope
The scope playbook starts from the opposite conviction: that the core payments engine must remain a single stack, built once and built in-house, and that M&A should add what sits around it. Adyen’s two deals this year are precisely this. Talon. One adds real-time loyalty, promotions and incentive decisioning; Orb adds usage-based billing infrastructure aimed at how AI is reshaping software pricing. Neither adds a single transaction of payment volume.
Both extend Adyen’s reach along the merchant value chain, from processing the transaction to shaping it, and both are designed to be fed by the proprietary transaction data the single platform already generates. Stripe has run the same playbook for years: TaxJar for tax, Recko for reconciliation, Lemon Squeezy for merchant-of-record, and the $1.1 billion purchase of Bridge for stablecoin infrastructure.
In these cases the payments core stays untouched and organically built, while acquisitions bolt adjacent capability. The prize is a broader share of the merchant’s wallet and a deeper moat around the platform, without ever taking on the integration of someone else’s processing stack and the migration of legacy customers.
Global Payments: the player that has run both plays
Global Payments is the most instructive single case because it has explored both approaches over the past decade. Heartland in 2016 and EVO Payments in 2023 were volume and distribution deals. The TSYS merger in 2019 and software acquisitions such as AdvancedMD and MineralTree were scope deals, extending the group into issuer processing and vertical software. The 2026 transactions resolve that ambiguity decisively in favor of volume: Worldpay in, Issuer Solutions out, and a self-description as a pure-play merchant solutions provider. One of the industry’s most experienced acquirers of businesses has looked at both playbooks and chosen concentration of volume over breadth of scope.
The problem with buying volume: migration
The weakness of the volume thesis is well documented in acquiring history: the synergies are modeled on consolidation, and consolidation requires customer migration. Migrating a merchant portfolio from one processing platform to another is among the hardest undertakings in payments. Many enterprise integrations are bespoke, many merchants have customizations and edge cases, and the migration asks the merchant to accept real operational risk, re-certification effort and potential disruption at checkout in exchange for what is usually a like-for-like offer. Rational merchants decline. The result, seen repeatedly across two decades of acquiring consolidation, is that acquired volume stays where it is: legacy platforms persist, the combined group runs an agglomeration of processing stacks, and the unit cost advantage that justified the purchase price never fully materializes.
Worse, migration moments are churn moments. The point at which a merchant is forced to consider moving platforms is the point at which competitors are invited to bid, and attrition during forced migrations routinely erodes exactly the volume the deal was priced on.
The problem with buying scope: distraction and dilution
The scope thesis has its own failure mode, and it is subtler. The strength of Adyen and Stripe has always been focus: a single product narrative, a single engineering culture, a sales motion built around doing one thing demonstrably better than anyone else. Every adjacent acquisition places strains on the very specialization that has given them their success. Loyalty decisioning and usage-based billing are different products, sold to different buyers within the merchant, against different specialist competitors who do nothing else. Management attention, engineering capacity and brand clarity are finite, and there is a real risk that the core proposition, the thing merchants actually chose the platform for, is diluted by the effort of cross-selling things they did not.
The history of payments companies diversifying into adjacent software is not encouraging, and the specialists on the other side of each adjacency (in loyalty, in billing, in tax) will argue that a payments company is a tourist in their category.
So which strategy wins?
I am deliberately not going to call it, because the honest answer is that the evidence does not yet exist, and the determining variable sits outside both deal models. The question that decides both strategies is the same: where is the customer value? For volume deals, the test is whether the merchant ends up with something better than they had: a stronger product, broader geographic reach, better economics, a reason to migrate willingly rather than under duress. If the answer is a like-for-like offer on a different platform, history says the volume will not move, and the scale that drove the investment will stay trapped on legacy stacks.
For scope deals, the test is whether merchants genuinely want loyalty, billing or stablecoin infrastructure from a single payments provider, and whether the combination produces something a specialist cannot: real-time decisioning fed by transaction data, one contract, one data model. If the answer is a bundle of adequate adjacent products wrapped around an excellent core, the core will carry the bundle for a while, and then the focus premium will erode.
It is entirely possible both succeed, in different segments: volume consolidation in the cost-driven mainstream of acquiring, scope expansion at the premium end of enterprise commerce. It is equally possible both disappoint, for the reasons their own histories suggest. The first half of 2026 has given the industry a rare natural experiment: the two most consequential players in merchant acquiring have placed large, public and opposite bets on the value created by M&A. The deals were priced on synergies and addressable markets. They will be judged on whether merchants get a better acquiring offer. On that, only time will tell. 
Editorial Note: Payments companies are pursuing competing M&A strategies, buying transaction volume or adjacent capabilities, but either approach succeeds only when it creates value for merchants
Chris Jones manages PSE Consulting's business and is well known in the UK and EU for his regular insights into payments innovation. He has spent the last 20+ years leading assignments for major clients during his time at PSE and Accenture. His specializations include customer proposition development, market entry strategies and enterprise value creation. Contact him via email at info@pseconsulting.com or on LinkedIn at linkedin.com/in/chrisjonespse. To learn more about PSE, a provider of payment advisory services to professionals across the payments landscape, visit https://pseconsulting.com.
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