CMSPI - State of the Industry Report - 2025

ENDNOTES 7

207 The battle of payments in Denmark: is Dankort losing traction? | Mobile Transaction 208 BLIK, Poland’s Payment System, Takes Steps to Grow | PaymentsJournal 209 Card Fee Rates in Poland | Worldline 210 Copenhagen Economics IFR Report 211 Worldpay 2025 Global Payments Report 212 Cartes Bancaires | Stripe Documentation 213 Cartes Bancaires Scheme Fees | Viva EU 214 Payment Fraud Prevention | IBM 215 Spotlight on Cartes Bancaires | PCI Security Standards Council 216 Smart Cards: A French Invention that Revolutionized Payments | Histoire BILLIONP Paribas 217 STET and G+D Partner to Implement Click-to-Pay in France and Beyond 218 Federal Reserve Payments Study Table #2 219 Kansas City Federal Reserve, A Guide to the ATM and Debit Card Industry (2003) 220 Reg II Data Collections | Federal Reserve 221 Federal Reserve Board Finalized Updates to the Board’s Rule Concerning Debit Card Transactions | Federal Reserve 222 Reg II Data Collections | Federal Reserve 223 Reg II Data Collections | Federal Reserve 224 CMSPI analysis of annual filings Section 2.3 - Digital Wallet 225 Digital Wallet | Corporate Finance Institute 226 WorldPay Global Payments Report 2025 pg. 158 227 Digital Wallets in Visa’s Ecosystem: Policies & Requirements | Visa 228 Worldpay Global Payments Report 2025 229 Coca Cola Launched The First Digital Wallet in 1997| TwinRock Partners 230 Who we are - History & facts | PayPal, Inc. 231 Know The History Of Paytm - Credit card; Paytm.com - About Us

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