From Morningstar:

with a comprehensive network of merchants that accept their cards. The company’s long-term prospects are robust given its extensive global network and the high barriers to entry in the industry. “Edenred has built a solid moat around its business through contractual relationships, capturing a niche market typically overlooked by high street banks”, says Field. The company is now focused on developing new solutions to meet the evolving needs of corporations, employees, and merchants, and aims to remain at the forefront of innovation and exploration of new markets with high growth potential.



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