# PAYMENTS # RISE OF THE MERCHANTS SHIFTS IN INTERCHANGE - AND WHAT IT MEANS FOR ADYEN, PAYPAL AND PEERS

WHAT:  As part of our accelerated efforts in Payments, our latest Deep Dive focuses on Interchange and the implications for the payment providers such as Adyen. The current narrative suggests it's not relevant for future profitability. We would refute this simplification.

Drivers of changes to Interchange include the Mar-24 announced Visa/Mastercard settlement, the Credit Card Competition Act as well as the Capital One bid for Discover.

We continue to collaborate with Svante Westerberg who brings a lifetime of experience working within the Payment sector, most prominently at Braintree / Paypal. Svante is 100% accessible to New Street clients engaged in this vertical.