Fiserv's Clover business faces challenges in maintaining its growth trajectory amid increasing competition in the merchant solutions segment. Clover's volume growth slowed to 8% in the first quarter of 2025 from 14% in the fourth quarter of 2024, although revenue growth remained robust at 27%. Fiserv aims to achieve $3.5 billion in revenue from Clover by the end of 2025, requiring approximately 30% revenue growth in both 2025 and 2026. The company anticipates needing low double-digit volume growth to meet this target. Competitors such as Shift4, Toast, Shopify, Square, Stripe, and Adyen are intensifying pressure, with Shift4 notably gaining market share from Clover. Fiserv's CFO Robert Hau acknowledged the competitive landscape and expressed confidence in meeting revenue goals despite the challenges. The merchant solutions segment, which drives much of Fiserv's growth, remains highly contested, with companies like Shopify and Toast achieving industry-leading organic volume growth of 25% and 22%, respectively, in Q1 2025. The stock market reacted negatively to Fiserv's Q1 earnings, reflecting concerns over Clover's slowing volume growth, a trend that appears to be continuing into Q2.