2022 Voice of the Merchant Study

Oliver Wyman and the Merchant Advisory Group (MAG) jointly sponsored the 2022 Voice of the Merchant Study to examine how leading merchants are transforming their payments ecosystems to meet customers’ ever-evolving shopping expectations.

The study included a combination of in-depth interviews and a shorter, mobile-based survey of large, US-based merchants. Each merchant has an annual card volume in excess of $1 billion, and insights were gathered from merchants representing multiple industries including:

  • Quick service restaurants (QSR)
  • Grocery/pharmacy
  • Big box retailers
  • Fuel and c-store
  • Travel
  • Telco/streaming services
  • Clothing and other specialty retailers


graphics of a person swiping a credit card, a person washing their hands, a bike delivery person, and a spray bottle

Topics studied revolved around 4 areas:

How did COVID-19 alter consumer shopping, payment behaviors, and expectations?
How did merchants adapt and respond to meet customers where they are?
Are the COVID-19-caused changes in payments likely here to stay?
How have payments strategies and associated positioning of payment teams in companies shifted over the years?
What has caused these changes?
How will this evolution likely continue?
How are merchants navigating the strategic, channel, technical, and partnership complexities in payments and related financial services?
Which alternative payment methods(APMs) are attractive to retailers? What drives the decision to use/accept?
How do these decision factors change based on size or industry?
What is the role of payments partnerships for retailers?
How did COVID-19 impact the numbers and type of retailers’ partnerships?
How are these relationships likely to continue evolving?

MAG Members and Sponsors:

The Merchant Advisory Group

Driving positive change and innovation in the payments industry that serves the merchants interest through collaboration, education, and advocacy.