It does seem like a lot, but if you look at growth rates, the differences are significant.

Stripe is also doing far more value-added stuff: If all you need is to process credit card Adyen is probably going to outbid Stripe. They almost always did last time I checked. But Stripe is offering a significantly larger product, especially to people running marketplaces. That was always the selling point for the doordashes and deliveroos of the world. Even for Amazon. So I bet that the skinny version that is just a payment processor would be worth a lot less.

They aren't the only ones trying to widen their horizons either: Paypal and Square/Block came up with plenty of plans to try to grow past boring payments. They just didn't execute on those things all that well, and somehow Stripe does.

PayPal is steadily decreasing in share of web payments, with the one redeeming part of their business being Venmo, which appears to be crushing Cash App.

Adyen competes primarily on price with no feature differentiation, and doesn't have the same ease-of-use.

Working at several large companies in payments areas who were Stripe customers, I'll sum up what the competition looks like by paraphrasing one of the executives I reported to: "we go to Adyen when we want to take a competing offer to Stripe for them to match".