2019 was a blockbuster year for U.S. M&A activity and major payment industry players were right in the thick of it. 

Six became three. That was the dealmaking scenario for Fiserv-First Data, FIS-Worldpay, and Global Payments-TSYS. These already strong players became stronger, and not a moment too soon, as a devastating pathogen would make the world stand still. Now one year after the consolidations, many challenges remain as the payments industry finds fiercer competition for transaction market share. This Viewpoint looks at how the three deals are working out thus far.