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U.S. fintech to buy Worldpay as electronic payments business booms

 
(Reuters) - U.S. fintech Fidelity National Information Services Inc (FIS) has agreed to buy payment processor Worldpay for about $35 billion, the biggest deal to date in the fast-growing electronic payments industry.
 
The deal is part of a wave of consolidation in the financial technology sector as firms seek to bulk up on payment systems that are increasingly used for online and high street sales.

"Scale matters in our rapidly changing industry,” said FIS Chief Executive Officer Gary Norcross, who will lead the combined group that will be a global powerhouse in providing the infrastructure for banking and payment systems.

Global payments are set to reach $3 trillion a year in revenue by 2023, according to consulting firm McKinsey, as more people switch from cash to digital payments.
 
from-www.reuters.com

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