As we head into the 2024 holiday season, all signs point to a promising surge in consumer spending. The National Retail Federation anticipates an overall increase of up to 3.5 percent in holiday sales compared to last year, with total spending projected to reach nearly $989 billion. A key driver of growth will be online shopping, expected to see gains of up to 9 percent, largely fueled by the increasing dominance of mobile devices. Shoppers are already benefiting from early promotions, and with omnichannel retail strategies, the convenience of buying online or picking up in-store continues to transform the holiday shopping experience. This issue's lead article, explores all of these and more factors affecting this year's year-end shopping season and spotlights the top concerns for retailers and shoppers.
Holiday transactions would not exist without merchant processing agreements, which define the relationship between payment service providers and merchants, and one contributor to this issue explains why PSPs must carefully balance their interests with those of their merchants when crafting these agreements. Other topics illuminated by contributors include how alternative payment methods are transforming financial access for underbanked populations in Africa and the role gamers are playing in this; the shift toward self-service, and why merchant service providers must help businesses navigate app-based payments, kiosks and other self-service tools; and why checkout is not just a transaction, but is also a strategic opportunity for businesses to increase revenue, offer personalized recommendations, encourage loyalty through memberships, and provide tailored payment methods.
Our news briefs spotlight coverage of merchants' endorsement of the U.S. Department of Justice's lawsuit against Visa, which accuses the company of monopolizing the debit card network market and blocking competitors from entering the space; two recent surveys that highlight growing consumer distrust in digital payments due to widespread fraud; The Office of the Comptroller of the Currency's joining financial institutions in opposing Illinois' Interchange Fee Prohibition Act, a law that exempts sales tax and tips from interchange fees; and Senator Richard Durbin's refutation of claims that Illinois' Interchange Fee Prohibition Act, which exempts sales tax and gratuities from interchange fees, conflicts with the Durbin Amendment to the 2010 Dodd-Frank Act.
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