CMSPI - State of the Industry Report - 2025

ENDNOTES 7

Reserve Bank of Australia

Worldpay Global Payments Report 2025

Bank of International Settlement + Central Bank of Brazil

Euromonitor

Coalition for a Digital Economy Bank of Mexico MinterEllisonRuddWatts Statista VVA Report Davis Wrigh Tremaine Law Firm Kansas City Fed Visa Mastercard American Express Discover

Debit Card

Klarna IPO Prospectus

Klarna IPO Prospectus

Zip 10k

Zip 10k

BNPL

Sezzle 10k Affirm 10k Coinbase

Sezzle 10k Affirm 10k Coinbase

BitPay

BitPay

Flexa

Flexa

Stablecoin

PayPal

PayPal

Stripe

Stripe

BVNK

BVNK

PayPal 10k

PayPal 10k

Practical Ecommerce

Business of Apps

Digital Wallets (Staged)

Adyen

Grab 10k

Square

BLIK.com Block Annual Report

Bank of International Settlement + Central Bank of Brazil

Matera

Australian Payments Plus

Euromonitor

Real Time Payments

Adyen

National Payments Corporation of India (NPCI)

Smartprix

Stripe

Euromonitor

Bank Transfer

Adyen PayPal

48 Digital Payments in China are Cheap and Convenient | PracticalEcommerce 49 Credit and Debit Card Interchange Fees Assessed to Merchants in the United States | Kansas City Fed 50 Credit Cards: Rising Interchange Fees Have Increased Costs for Merchants, but Options for Reducing Fees Pose Challenges | U.S. GAO (A 2009 report from the U.S. Government Accountability Office (GAO) looked at the popularity of rewards cards and their relationship with interchange fees) 51 CMSPI Analysis of Publicly Available Data 52 Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions | Official Journal of the European Union

209

Powered by