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STATE OF THE INDUSTRY REPORT
Chief Economist Note Dear Reader,
I’m incredibly pleased and proud to present to you the second edition of CMSPI’s State of the Industry Report (SOIR), which, like last year, was produced in collaboration with our Insights Advisory Council (IAC). For those of you who aren’t familiar with us, CMSPI are the go-to payments advisors to the world’s largest merchants. The goal of the SOIR is the same this year as it was last year: to provide the merchant and consumer perspective on the payments industry, and we feel that makes us truly unique. Those of you who engaged with last year’s inaugural SOIR will notice that this year’s edition looks very different, with limited cross-over of content. We decided last year to focus on the status quo of the payments industry, which we felt was appropriate for a first edition. As a result, the report centered largely on the card industry, which is the most commonly used tender type in many parts of the world. By contrast, in this year’s report we turn our attention to innovation and the future of the payments industry, with the aim of characterizing the perfect payment method. In doing so we look at nine payment methods, ranging from more traditional payment methods such as cash and debit and credit cards, to newer payment methods such as stablecoin. We premiere a new framework for comparing payment methods, looking at how each payment method performs in terms of security, cost, user experience, acceptance and governance. I’d like to thank everyone involved in writing this report – in particular our wonderful IAC members and Emily Lincoln, who has done a fabulous job project managing a highly complex report from start to finish. I’d also like to extend a big thank you to Kathy Hanna, Perry Starr, and Lorin Young, formerly of Kroger, Target and Columbia, respectively, for their brilliant contributions to the IAC. Kathy, Perry and Lorin are true industry experts who have played a massive role in championing the merchant cause in the IAC and other forums for many decades, and it’s been my pleasure to work with them. We’re always looking for opportunities to talk to about the IAC and the SOIR, so if you have any questions about anything covered in the report, please don’t hesitate to reach out to us! Kind regards, Callum
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