Insights from CMSPI's First Industry Report Unveiled
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Insights from CMSPI's First Industry Report Unveiled
Today, CMSPI has announced the launch of its inaugural State of the Industry Report, reflecting a collaborative effort with the Insights Advisory Council (IAC) established in 2023. This Council is made up of esteemed leaders from global businesses such as Amazon, Best Buy, and Walmart. Their collective aim is to create a more streamlined payment experience, benefiting both merchants and consumers alike.
Purpose of the State of the Industry Report
The State of the Industry Report serves as a critical resource for merchant leaders, payments professionals, and policymakers globally. It aims to educate these stakeholders about the current landscape of payment acceptance.
Valuable Contributions from Industry Leaders
Elley Frost, the CEO of CMSPI, expressed gratitude for the Council's involvement, stating, "We greatly appreciate the Council’s engagement and collaboration in developing this significant industry research. 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." This partnership is set to shine a light on pivotal strategies that can help address challenges faced in the payments sector.
Key Takeaways from the Report
The report offers a merchant-centered view of payment acceptance, addressing various aspects like costs, supply chain intricacies, growth in e-commerce, and global policy shifts. It provides insights into how these factors are reshaping the payments landscape.
The Complex Payments Infrastructure
According to Callum Godwin, CMSPI Chief Economist, “Behind card payments lies a complex web of infrastructure rules and practices that have shaped the payments industry.” By demystifying these components, the CMSPI Insights Advisory Council aims to equip stakeholders with knowledge that enables better decision-making in an ever-evolving environment.
Notable Statistics Highlighted
The report outlines several noteworthy statistics that illustrate the trends and challenges faced by U.S. merchants:
- In 2023, U.S. merchants incurred $224 billion in costs for accepting card payments.
- Since 2009, these merchants have experienced a rise in payment costs of approximately 34 basis points.
- U.S. merchants have faced an estimated annual increase of $2.4 billion in interchange and network fees due to heightened e-commerce spending and increased card fees since 2019.
- With over 300 global payment policy interventions, dual network debit card routing has the potential to save around $4 billion annually in the U.S. and $800 million in Australia.
About CMSPI
CMSPI stands as a leading payments consultancy, dedicated to assisting Global 500 merchants in maximizing their payment performance through strategic data utilization. The company combines specialized expertise and in-depth market insight to help clients achieve substantial savings while enhancing sales growth and developing efficient payment strategies.
With primary offices located in key markets, CMSPI is well-placed to engage with clients and offer support across a wide range of payment challenges. For more information, visit our website.
Frequently Asked Questions
What is the purpose of the State of the Industry Report?
The report aims to educate merchant leaders and payments professionals about current trends and challenges in payment acceptance.
Who are the key contributors to the Insights Advisory Council?
The Council includes leaders from notable companies like Amazon, Best Buy, and Walmart, working together to optimize payments.
What significant trends does the report highlight?
It highlights the increase in card payment costs and the impact of e-commerce spending on interchange fees.
How can merchants benefit from the insights provided?
By leveraging the report's findings, merchants can implement strategies to reduce costs and enhance their payment processes.
Why is understanding the payments infrastructure important?
Understanding this infrastructure helps stakeholders navigate complexities and make informed decisions in the payments landscape.
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