MAG Insights

The Merchant Advisory Group (MAG) has achieved significant milestones in 2024, advancing our mission of supporting merchants in the payments industry through collaboration, advocacy, and education.  MAG has demonstrated its dedication to fostering a supportive and informed payments ecosystem by hosting industry partners at our record-breaking events – including two international conferences and several regional meetups, increasing engagement with government stakeholders, and launching new payments-focused eLearning courses. Here’s a look at some of MAG’s most impactful achievements this year. 

In 2024, MAG continued to foster collaboration with major players in the payments sector, engaging with card networks on proposed rule changes. These efforts led to critical outcomes for merchants, including the delay of two significant deadlines, one being the launch of chip EBT cards, giving members more time to adapt to regulatory shifts. Additionally, MAG helped introduce a new dispute rule tailored to the petroleum industry, addressing sector-specific concerns and easing some of the complexities involved in transaction disputes.

To support merchants navigating the evolving payments landscape, MAG released the Faster Payments Reference Guide. This resource provides merchants with practical guidance on implementing and understanding faster payments technologies. We also delivered the third annual “Voice of the Merchant” study, conducted in partnership with global consulting firm Oliver Wyman. This study collected insights from merchants across sectors to better understand their needs and challenges, helping MAG tailor its strategies to address real-world merchant issues.

MAG also held 25 Merchant Only SIG Engagement Sessions, providing members exclusive forums to discuss key industry developments, exchange best practices, and connect with peers. These sessions have been instrumental in building a community of informed and engaged merchants who can respond proactively to industry changes.

The MAG has also continued to expand its voice in various standards bodies which influence how payments work. Some of these key engagements included representing merchants on EMVco’s Board of Advisors and participating in several X9, US Payment Forum, and FDX working committees. 

MAG’s advocacy efforts reached new heights in 2024, as we engaged regulators on a wide range of payments issues. MAG submitted comments on multiple regulatory topics, including debit interchange fees, digital payments applications, buy now/pay later services, open banking, and junk fees. These advocacy efforts aimed to ensure that regulatory decisions reflect the needs and interests of merchants, making the payments system more competitive and transparent.

We saw increased engagement across our communications platforms, with an 80% increase in click-through rates, a 32% rise in LinkedIn followers, and a 29% jump in email open rates. These metrics underscore MAG’s success in reaching and engaging its audience with timely, relevant information.

MAG’s 2024 conferences set new attendance records, reflecting the organization’s growing influence. The rebranded Payments MAGnified (formerly the Mid-Year Conference) and MAG Payments Conference (previously the Annual Conference) attracted over 1,000 attendees each, making them the largest MAG events to date. These conferences introduced new session types, such as case studies and small group discussions, offering attendees deeper and more personalized learning experiences.

The MAG also reached a new milestone in its educational programs by achieving over 1,200 graduates of our courses. In addition, the MAG launched new eLearning and microlearning courses including Brand Release Essentials and Executive Overview of Electronic Payments in the U.S.