UBS Napa Recap: Payments Acceptance, What‘s Changed (Forward & Oliver Wyman)

Research evidence excerpt

UBS Napa Recap: Payments Acceptance, What‘s Changed (Forward & Oliver Wyman)

Global Research

10 July 2026ab

UBS Napa Recap Equities

AmericasPayments Acceptance, What's Changed

(Forward & Oliver Wyman) Diversified Technology Services

Timothy E. Chiodo, CFA

Analyst

timothy.chiodo@ubs.com

Insights & discussion with Forward and Oliver Wyman: As part of our 9th Annual +1-415-352 4500

UBS Private Company FinTech Conference Networking event in Napa, we hosted

Chris Zhang, CFA

Danielle Madison, Co-Founder & Head of Partnerships at Forward and Rick Oxenhandler,

Partner at Oliver Wyman, for a discussion on changes in payments acceptance and the chris.zhang@ubs.com

evolution of modern acquiring. Topics of discussion included the shift in payment +1-212-713 4911

volume toward embedded channels, the changing role of banks and ISOs, software

Jing Zhang

platform monetization, network pricing and tokenization, PSP competition, PayFac /

Associate Analyst

managed PayFac models, and the next opportunity areas in card-present embedded jing.zhang1@ubs.com

payments. +1-212-882 0091

Pat Ennis, CFA

Broader industry context: Awareness of modern acquiring and embedded payments Associate Analyst

trends is relevant for investors interested in the software-led channel within the broader patrick.ennis@ubs.com

payments acceptance market, particularly given the rapid growth of ISVs and platforms +1-212-882 0090

(these terms used interchangeably for these purposes, alongside marketplaces, SaaS Kyle Crews

platforms, POS platforms, vertical SaaS, etc.), who are often served by the likes of Stripe Analyst

Connect, Adyen for Platforms, Global Payments (including Worldpay for Platforms, kyle.crews@ubs.com