Amidst expansionary monetary policy, geopolitical uncertainties, and soaring inflation, the global payments industry continued to thrive in 2023. The top 20 public payment companies saw their revenues rise by 3.5% to $236bn, reveals GlobalData, publishers of EPI.
The US payment companies dominated the list with the top four – American Express, Visa, PayPal, and Mastercard – accounting for 65% of the aggregate revenue of the top 20. Driven by an increase in global payment volume, the big four grew by almost 10%.
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Wise, Nuvei and Block
Other companies in the top 20 list that recorded impressive top-line growth include Wise, Nuvei and Block, which reported more than 20% growth.
Murthy Grandhi, Company Profiles Analyst at GlobalData, said: “Wise revenue grew by 48% supported by a two basis points increase in the cross-take rate, driven by an expansion in both customer numbers and transaction volume. Its number of active customers increased by 29% to 12.8 million, with 5.4 million new customers joining and making their first cross-border transaction. This increase in customers led to a 13% rise in cross-border volumes, totaling £118.5bn.”
Nuvei’s growth can be attributed to its organic revenue growth driven by higher e-commerce volume and acquisition of Paya Holdings, a provider of integrated payment and commerce solutions.
Digital payments company, Block’s 25% revenue growth was a result of higher gross payment volumes in Square and Cash App businesses. It is also driven by bitcoin sales.
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By GlobalData
Adyen and WAG
Adyen reported a decline in revenue attributed to initiative to update the merchant agreements to clarify the roles of financial institutions and network scheme providers in payment processing and acquiring services. This led to a reassessment of its accounting for pass-through settlement fees, such as interchange and payment network fees. Adyen concluded it acts as an agent in these transactions. Consequently, from 1 January 2023, this fee is being recognised on a net (agent) basis, rather than gross. This change has affected its top line.
WAG Payment Solutions, an integrated payment and mobility platform focused on the commercial road transport industry, reported a 9.3% decline in revenue driven by lower average energy prices.
Grandhi concluded: “With payments industry evolving into a ‘decoupled era,’ where transactions are separate from accounts and dominated by advanced technologies, payments companies must prioritise convenience, affordability, and security. Enhanced risk management includes regulatory compliance, fraud prevention, operational resilience, and updated credit processes. Risk aversion measures can drive growth by expanding into underserved markets, offering risk management as a service, and improving servicing operations through technology.”
