The Committee on Payments and Markets Infrastructures (CPMI) published a study on the role of non-banks in retail payments services and analyses the repercussions that the emergence of these entities has had on the retail payments industry. The report, conducted by central bankers, revealed a significant presence of non-banks in all stages of the payment process and across different payment instruments. After analysing the main issues and the implications for central banks the report concluded that the main issues relate to the potential impacts of non-banks on operational risk, level playing field issues, consumer protection aspects and the risks that might emerge if the outsourcing of payment services is concentrated in the hands of a few or one non-bank.