Rapid digital transformation and growing competition has left its mark. Transaction volumes and the prevalence of cross-border and online payments has soared, while payment methods (including real-time and APMs), transaction types (including non-financial and API calls), and payment initiation methods (including QR codes and alias-based payments) have multiplied, creating operational challenges. Acquirers look to tread a delicate balance between capturing as many transactions as possible to create scale, enabling for services that may currently have low adoption, and building the flexibility to adapt to fluctuating transaction models across digital channels. Acquirers must rethink their business models and modernize – or risk facing the financial consequences.