Macquarie 12月14日长篇专题报告，224页。
　 　Having assessed the epayments industry globally and deeply analysed relevant regulation and technology，we recommend investing in companies exposed to alternative payments in emerging markets，including Alibaba，Tencent and HDFC Bank.In developed markets，alternative payments regulation and emerging technologies are creating uncertainty for banks and merchants ahead of roll-out.We believe payments consultants and systems implementers（e.g.Worldline）will benefit.Nevertheless，in the Europe we expect actual product roll-out and consumer adoption will delayed and gradual，which means investors may be overpricing risk for exposed companies such as Worldpay.Indeed，we believe some parts of European regulation（PSD2）will benefit the sector.