Without alternatives to card payments, merchants continue to face high fees for taking payments online, high rates of card-not-present fraud and high purchase abandonment. Consumer payment journeys are often longer and less convenient for cards when buying online than at the point-of-sale.
Open banking in the UK and EU has created a new online payment option: instant bank transfers, which offer lower fees, better security and more convenience for consumers. In February of 2021, more than one million open banking payments were processed in the UK, compared with 300,000 for the whole of 2019.
But how mature is this payment option, who’s already using it and will consumers adopt it?
- What open banking payments are, how to deploy them and the benefits they deliver
- The retail trends that are driving the growth of this new payment option
- If the time is right to integrate – a status check on usage, adoption and readiness of open banking payments in the UK and Europe
- What the consumer experience looks like (with a demo) and how consumers are protected
- How other ecommerce businesses are using open banking payments