Global Payments to buy TSYS for $21.5 billion in latest fintech deal

The deal, Global Payments' biggest ever and the sector's third major acquisition this year, comes as payment technology companies consolidate to battle competition from banks making inroads into digital payments and fintech start-ups such as Adyen and Stripe chipping away market share. The global payment market is set to reach $3 trillion a year in revenue by 2023 as customers increasingly shift to digital payments from cash, according to consulting firm McKinsey. "We believe the deal marks a shift from (Global Payments') pursuit of software and differentiated assets into more of a scale play," Jefferies analysts wrote on a note on Sunday.

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