CMSPI - State of the Industry Report - 2025

ENDNOTES 7

Endnotes State Of The Industry Report 2024 Recap

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Issuing Bank 10ks

2 3 4

CMSPI analysis of public financial statements Operating and Net Margins | Stern NYU Kansas City Fed Data; CMSPI estimates & analysis

Section 1 5

Frequently Asked Questions | The Clearing House

6 Push vs Pull: What are the differences between push and pull payments? | Link Money 7 Credit card, debit card shares combined with a share of the digital wallets that are card-backed (60%) per the data from the Worldpay Global Payments Report 2025. 8 How Are Consumers Funding Mobile Wallets? | Payments Journal 9 US Card Producers Prepare to Crank Out EMV Cards in Big Numbers | Digital Transactions 10 EMV Chip At-a-Glance | EMVCo 11 What is EMV? | Square - The Bottom Line 12 Overview of EMVCo | EMVCo 13 Gift Card Statistics | CapitalOne Shopping Research 14 Gift Card Statistics | CapitalOne Shopping Research 15 How Target is Helping Prevent Fraud In Store & Online | Target – Security & Fraud 16 US Card Producers Prepare to Crank Out EMV Cards in Big Numbers | Digital Transactions 17 Federal Reserve Reg II Data Collection 18 Federal Reserve Reg II Data Collection - Table 11 19 Caring for Smart Chip Cards | The New York Times 20 EMV Implementation Guidance: Fallback Transactions | US Payments Forum 21 Mastercard Newsroom 22 Federal Reserve Reg II Data Collection | Federal Reserve 23 Worldpay Global Payments Report 2025 24 Merchant Risk Council 2025 Global eCommerce Payments and Fraud Report 25 Merchant Risk Council 2025 Global eCommerce Payments and Fraud Report 26 Visa Compelling Evidence 3.0 Merchant Readiness | Visa 27 First-Party Trust Program | Mastercard Developers 28 Merchants Risk Council 2025 Global eCommerce Payments and Fraud Report

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