The Payments Association’s Post

Open Banking transactions worldwide are estimated to grow by more than 500% between 2023 and 2027, from a value of US $57 billion to US $330 billion. Addressing consumer awareness and trust issues through clear educational campaigns can significantly boost Open Banking adoption by highlighting its security features and building the trust needed for widespread acceptance. Discover the key strategies for accelerating the adoption of Open Banking for consumers: https://bit.ly/4dxzjLM #openbanking #eCommerce #onlinepayments #businessgrowth

I've been selling financial services for a long time, but nothing has excited me as much as Open Banking. The adoption of open banking is growing dramatically, yet some brands are surprisingly hesitant to embrace it . . . . Why? Just like some merchants were slow to see the benefits of BNPL products, yet BNPL is now a pre requisite. Equals Money offers #Roqqett, an innovative open banking solution. I'm eager to discuss why #Roqqett should be part of your checkout. Although card payments aren't going anywhere, there are some distinct advantages in utilising open banking over traditional card acceptance - for both you and your customers #WinWin. Let's talk about how #Roqqett can elevate your business!

Adoption of Open Banking payments in eCommerce is slow despite its benefits. In Nuvei's latest feature with The Paypers, Advait Sinha, VP of Product Strategy at Nuvei pinpoints barriers and solutions to enhance consumer and merchant confidence in this seamless and secure payment method. 🔗 #OpenBanking #Nuvei #Paypers

Adoption of Open Banking payments in eCommerce is slow despite its benefits. In Nuvei's latest feature with The Paypers, Advait Sinha, VP of Product Strategy at Nuvei pinpoints barriers and solutions to enhance consumer and merchant confidence in this seamless and secure payment method. 🔗 #OpenBanking #Nuvei #Paypers

How to fix #OpenBanking in 9 simple steps… Joking aside, for OB to reach its full potential, it needs a #scheme, and to become the very thing it’s trying to compete with: a powerful, valuable network like Visa or Mastercard with all the associated rules and global scale to make it effective. Who’s going to make that happen? The report quotes Charlotte Crosswell OBE: “Everyone wants decisions to be made. But every time you get close to a decision, then generally some firms will be winners and some will be losers, and therefore it’s quite difficult to get to middle ground on this.” Few, if any, seismic changes in national payment infrastructure come from an industry / market solution - in my experience, both at home and abroad, it takes a strong, time-boxed mandate from government, the central bank or regulator (in some markets you get all 3-in-1) [👀 #NationalPaymentsVision, HM Treasury, Bank of England, Payment Systems Regulator…] Going through the report call-outs one by one, when you think about the cost and effort required to make each happen, you have to wonder whether the investment would be worthwhile. The 9 ways (with a scheme lens) 1/ better CX (innovation + rules ie standards) 2/ recognisable, ubiquitous brand (marketing + rules ie standards) 3/ support variable, recurring payments (rules ie standards) 4/ protect customers (rules ie liability shift) 5/ better refund and dispute management (process changes + rules ie chargebacks) 6/ easy for developers to integrate (APIs + rules for participants & payment gateways) 7/ a commercial model that works for all parties in the ecosystem (incentives + rules ie interchange, scheme fees, MDRs etc.) 8/ better bank infrastructure (investment + rules ie mandating changes by participants) 9/ support at point of sale (investment + rules ie acceptance) In the context of the above, it’s perhaps no surprise that Visa is launching their own version of the above, extending their existing scheme, called “Visa A2A” (account-to-account). For the full report from 11:FS and GoCardless - see below For Visa A2A - see https://lnkd.in/eQp6Zxx5

Adoption of Open Banking payments in eCommerce is slow despite its benefits. In Nuvei's latest feature with The Paypers, Advait Sinha, VP of Product Strategy at Nuvei pinpoints barriers and solutions to enhance consumer and merchant confidence in this seamless and secure payment method. 🔗 #OpenBanking #Nuvei #Paypers

Adoption of Open Banking payments in eCommerce is slow despite its benefits. In Nuvei's latest feature with The Paypers, Advait Sinha, VP of Product Strategy at Nuvei pinpoints barriers and solutions to enhance consumer and merchant confidence in this seamless and secure payment method. 🔗 #OpenBanking #Nuvei #Paypers

Adoption of Open Banking payments in eCommerce is slow despite its benefits. In Nuvei's latest feature with The Paypers, Advait Sinha, VP of Product Strategy at Nuvei pinpoints barriers and solutions to enhance consumer and merchant confidence in this seamless and secure payment method. 🔗 #OpenBanking #Nuvei #Paypers

In this clip, Anthony Burton, SVP, Head of Open Banking at Truist, breaks down the three pillars of open banking: connected banking, data integration, and embedded banking. Anthony shares his excitement about how new regulations are validating open banking as the next big step beyond online and mobile banking. Check out the full episode recorded in partnership with Atomic at Money20/20 USA in Las Vegas. Link in the comments!

Adoption of Open Banking payments in eCommerce is slow despite its benefits. In Nuvei's latest feature with The Paypers, Advait Sinha, VP of Product Strategy at Nuvei pinpoints barriers and solutions to enhance consumer and merchant confidence in this seamless and secure payment method. 🔗 #OpenBanking #Nuvei #Paypers