德勤：2025年从支付基础设施到利润引擎：增值服务何以成为支付行业的未来报告（英文版）

Payments firms are under pressure. Global payments revenues grew just 6% in 2024—the slowest pace in a decade—while merchant acquiring margins1 declined by 30% over the last five years. Regulatory changes such as PSD2 in Europe and the Durbin Amendment in the US have reduced fees payments providers can earn from card transactions by more than 50%. Meanwhile, the competition is intensifying: More than 4,000 fintechs entered the US payments arena in the past two years, providing innovative