Private equity firms Blackstone (BX.N) and CVC Capital Partners [CVC.UL] joined a rush to snap up payments companies on Friday with a 2.9 billion pound ($3.7 billion) bid for Paysafe Group.

Britain’s Paysafe (PAYS.L), which offers pre-paid cashcards and online wallets, said separately it was also planning to buy Merchants’ Choice Payments Solutions for $470 million, strengthening its presence in the United States.

Payments companies have become sought-after targets as more shoppers switch from cash to paying for purchases by smartphone or other mobile devices and a series of deals has driven share prices in the sector higher in recent weeks.

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