Events

OPEN BANKING PAYMENTS FOR ECOMMERCE: WHAT YOU NEED TO KNOW

30 September 2021

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.