ATLANTA--(BUSINESS WIRE)--Sep 10, 2024--
Today, CMSPI released a State of the Industry Report in collaboration with the client-led Insights Advisory Council (IAC) formed in 2023. The Council consists of global business thought leaders from Amazon, Best Buy, Columbia, iHerb, lululemon, Kroger, McDonald’s, Shell, Sony, Target, and Walmart aligned with the purpose of shaping a more optimal paying experience for both merchants and consumers.
The CMSPI State of the Industry Report is intended to educate and inform merchant leaders, payments industry professionals, and global policymakers.
“We greatly appreciate the Council’s engagement and collaboration in developing this significant industry research,” said CMSPI CEO Elley Frost. “We look forward to our continued partnership with the Council to highlight the foremost strategic payments considerations facing the world’s leading merchants and partners.”
The State of the Industry Report provides a merchant-centric perspective on payment acceptance, including cost, supply chain dynamics, ecommerce growth, geographic market distinctions, and global policy developments.
“Behind card payments lies a complex web of infrastructure rules and practices that have shaped the payments industry,” notes CMSPI Chief Economist Callum Godwin. “The CMSPI Insights Advisory Council State of the Industry Report seeks to educate industry stakeholders and demystify the rapidly changing global payments landscape.”
State of the Industry Report by the numbers:
- U.S. merchants paid $224 billion to accept card payments in 2023.
- U.S. merchants’ like-for-like payment costs increased by approximately 34 basis points since 2009.
- Since 2019, increased ecommerce spending and rising card fees resulted in an estimated $2.4 billion per annum increase in interchange and network fees paid by U.S. merchants.
- While over 300 global payment policy interventions have had varying impacts, procompetitive dual network debit card routing has produced an opportunity for approximately $4 billion in annual savings in the U.S. and $800 million in Australia.
Access the report here.
About CMSPI
As the world’s leading payments consultancy, we specialize in helping Global 500 merchants harness the power of data to maximize payments performance. Our team combines specialist expertise, the CMSPI Platform, and unmatched market visibility to assist clients in achieving high-impact savings, driving sales growth, and developing world-class payment strategies.
CMSPI has primary locations in Atlanta, Georgia, US, Manchester, UK, and Sydney, Australia with regional offices around the globe. For more information, please visit cmspi.com.
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Darin Good,[email protected]
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: BUSINESS RETAIL THOUGHT LEADERSHIP FINANCE INTERNET CONSULTING ONLINE RETAIL BANKING DISCOUNT/VARIETY PROFESSIONAL SERVICES DEPARTMENT STORES DIGITAL CASH MANAGEMENT/DIGITAL ASSETS TECHNOLOGY MOBILE/WIRELESS PAYMENTS OTHER RETAIL SMALL BUSINESS APPS/APPLICATIONS
SOURCE: CMSPI
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PUB: 09/10/2024 10:05 AM/DISC: 09/10/2024 10:05 AM
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