The payment processing industry has grown rapidly as consumers shun cash. The number of non-cash transactions rose 8.9 percent in 2014 to reach 387.2 billion, according to Capgemini’s World Payments Report.

While banks have been trying to develop and buy more sophisticated technology, payment service companies like PayPal and Worldpay gained a large part of the market share during the e-commerce boom.

Set up in 1989, Worldpay was spun out of British bank Royal Bank of Scotland to private-equity firms Bain Capital and Advent International in 2010.

The buyout firms listed the company on the London Stock Exchange in late 2015, when it was valued at 4.8 billion pounds.

Deal activity in the payments industry has so far been dominated by smaller companies being merged into divisions of bigger groups. Earlier this year, an analyst at Pacific Crest Securities said the emphasis may instead shift toward scale, noting Worldpay and Vantiv as a compelling deal.

Vantiv, which has a market capitalization of $12.32 billion has recently gone on a buying spree of smaller players. It bought Moneris Solutions USA for $425 million and Paymetric, which automates business payments processing.

While Vantiv is U.S.-focused, Worldpay supports 400,000 merchants in 126 currencies across 146 countries. It also has a highly-developed e-commerce platform which serves large and fast growing internet-led multinationals.

Worldpay’s enterprise value to earnings on a next twelve-month basis is at 13.88 times, according to Thomson Reuters data, above a ratio of 9.89 times for its rivals.

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