Monetising services around transactions turns scale into durable profit, a milestone most fintechs in this group achieved

Figure 1. Annual payment value across leading financial platforms versus incumbents ($, billion, 2025)

Global Platforms

Regional and Domestic Payment Providers

Note: (1) Alipay and Apple Pay figures are TABInsights' estimates. (2) Figures are based on calendar-year data or adjusted to a calendar-year basis, except for PhonePe and Visa. (3) US dollar conversions use average exchange rates for the year under review. (4) The 2022–2025 CAGR for growth in payments value is calculated in each financial institution’s reported currency. (5) Net profit margin is calculated by dividing net profit by total revenue or operating income. Source: TABInsights