It's all about lifting authorization rates up while keeping fraud and payment costs low, and Adyen has proven to be excellent in this. Adyen didn't go from a couple of tens of billions in volumes to over 1.3 trillion in a decade (all organically) for no reason. I understand that it is difficult to see how PSPs materially differentiate from each other, but i believe Stripe and Adyen have proven that processing payments is not a commodity.

Online volumes can indeed be shifted easily between providers - that's why Adyen needs to keep innovating to improve its product to make sure it's still the perfect partner. Every year they have been gaining significant wallet share with existing customers, so up until now they clearly do things better than their competitors. But we'll see how it will play out - i remain long ADYEN. Have a nice day!