Expect fintech deals, particularly payments, to be a big part of the M&A market in 2020.

Last year, three huge mergers — Fiserv $22bn acquisition of First Data, Fidelity National Information Services’s $35bn buy of WorldPay and Global Payments $21.5bn combination with TSYS — consolidated the payments market. The transactions have already lead to further deal making as the companies look to shed duplicate divisions or old tech. For example, Fiserv in December agreed to sell a 60 percent stake in its investment services business to Motive Partners for about $510m.