This is our view on Stripe and Adyen

They can perfectly co-exist, because the het focus largely on entirely different customers.

Stripe is suitable for 98% of the businesses in this world. Adyen excels in serving the other 2%.

80% of Stripe's revenue stems from small businesses (<$50 million annual revenue).

Adyen focuses on enterprises and platforms. While Stripe has a decent platform offering (Stripe Connect), Adyen's high authorization rates and low fraud rates are hard to match.

Stripe has more leverage / power over small businesses, while Adyen's customers often have several PSP's, giving them more bargaining power.

As bank, Adyen is required to have a strong capital position and have plenty of reserves. Stripe doesn't have these licenses, giving them more flexibility.

So... while their core activities are the same (processing payments), it are two very different customers.