Perlin’s Ponderings

Research evidence excerpt

Perlin’s Ponderings

RBC Capital Markets, LLC

Daniel R. Perlin, CFA (Analyst)

(410) 977-0821, daniel.perlin@rbccm.com

Matthew Inglis (AVP)

(212) 558-0412, matthew.inglis@rbccm.com

Company Ticker Rating

June 8, 2026

Affirm AFRM SP

Broadridge Financial BR OP Perlin’s Ponderings

Corpay CPAY SPRESEARCH A daily digest of commentary and news Fidelity National Info FIS OP

Quick summary: digital payments & e-commerce; financial technology; Fiserv FISV OP

payment acceptance Flywire FLYW OP

Digital payments & ecommerce Shift4 Payments FOUR OP

Backbase has partnered with Mastercard (MA: rated OP) to integrate Global Payments GPN SP

Mastercard Move into the Backbase AI-native Banking OS to enable HealthEquity HQY OP

financial institutions with the ability to deploy near real-time cross-border Jack Henry JKHY OPEQUITY Lightspeed LSPD OP payment capabilities. China’s low-cost e-commerce exports, fell 10.9% in

April to $9.81B, due to higher jet fuel costs and weaker demand from Mastercard MA OP

lower-income consumers in the West, according to an analysis of Chinese PicS N.V. PICS OP

customs data by Luxembourg-based consultancy Trade and Transport Paysafe PSFE SP

Group reported by Reuters. DHL’s E-Commerce Trends report of 29K global PayPal PYPL OP

consumers found that 29% of shoppers would be willing to let AI make Q2 Holdings QTWO SP

purchase decisions or buy on their behalf within the next five years, with Rocket Cos RKT SP

Gen Z and millennials at 33% and 36%. Source: corporate release; Reuters SS&C SSNC OP

These developments, in our opinion, support a view for the secular Toast, Inc. TOST SP

growth of digital payment methods as technologies advance, consumer Visa V OP

preferences change, and geographies expand. NCR Voyix VYX OP

Wealthfront WLTH OP