Report
Colin Plunkett
EUR 147.86 For Business Accounts Only

Wide Moats Keep Payment Networks Safe, but Competition Rages at the Outskirts of the Ecosystem

We recently took a closer look at developments in payments and at the retail point of sale, including a visit to the Money 20/20 conference in late October and talks with small merchants. We think economic moats remain the strongest at the center of the payment ecosystem, where Visa and Mastercard maintain massive networks of banks working on their behalf to add consumers and merchants. The role these undervalued companies play in setting standards is becoming more important as payment options p...
Underlying
Alliance Data Systems Corporation

Alliance Data Systems is a provider of data-driven marketing and loyalty solutions. The company operates in two segments: LoyaltyOne? and Card Services. LoyaltyOne provides coalition and short-term loyalty programs through the Canadian AIR MILES? Reward Program and BrandLoyalty Group B.V. Card Services encompasses credit card processing, billing and payment processing, customer care and collections services for private label retailers as well as private label and co-brand retail credit card and loan receivables financing, including securitization and other funding of certain credit card and loan receivables that it underwrites from its private label and co-brand retail credit card programs.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Colin Plunkett

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