Paymentus Holdings (PAY): Communacopia + Technology 2026 — Key Takeaways

研报英文原文证据摘录

Equity Research

10 September 2026 | 7:53PM EDT

Paymentus Holdings (PAY): Communacopia + Technology 2026 — Key

Takeaways

Will Nance

Goldman Sachs & Co. LLC

Jack Evans

Goldman Sachs & Co. LLC

Presenters: Dushyant Sharma, CEO and Sanjay Kalra, CFO

Bottom Line: Overall, the Company believes it is well positioned in its markets to

continue to deliver top-line revenue growth and leverage its current capabilities to

drive adoption of its bill pay products. The Company indicated that it believes that

three key points that clients will be focused include 1) cybersecurity, 2) fear of

n, and 3) privacy will be of the upmost importance. Finally, the

Company wanted investors to recognize that the Firm should be viewed as a

technology firm rather than a financials company based on the product set it

provides.

Chandru Ravikumar

+1(212)934-7681 |

Goldman Sachs India SPL

Ryan Wolf

Goldman Sachs & Co. LLC

Key Takeaways

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Opening remarks: The Company believes that the bill pay market is sizeable and

households spend 60% of their income on bills. The Company indicated that it

believes that bill payment is about bill presentment, data workflows, and the

tech. The Company believes it is a pure-play platform opportunity to switch and

plans on continuing to gain market share. Mgmt. believes the market is quite

fragmented, but believes the Company has made tremendous progress and there

are complexities in bill pay that allow for better customer experience across

income levels.

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Investor pitch: The Company believes that the process of forwarding billing

information and giving options to customers is a high task. Mgmt. believes that

the Company is well positioned to be helpful to clients as a technology platform

rather than a financial player - highlighting that the company does not make

money off its clients’ funds.

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Forward visibility: Mgmt believes visibility is getting better as the company

scales, noting that it raised guidance for 2026 as well as made comments

regarding its 2027 outlook. The Company also noted that the pipeline is getting

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

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