Interested to see where open banking payments are heading? Check out our new report with 11:FS that looks at the future adoption curve and the blockers that need to be unlocked to make Pay by Bank as ubiquitous as cards.
How to Take Open Banking Payments Mainstream 👀 📢 We've launched a new report with 11:FS, analysing what it’ll take to unlock the next stage of open banking payments in the UK. With insight and commentary from key voices in financial services and beyond, plus a survey of nearly 1000 UK merchants for an on-the-ground perspective, the report: 🔸highlights which industries have been early adopters of open banking payments and which will be next 🔸identifies six main obstacles that are hindering the widespread take-up of open banking today 🔸 names Variable Recurring Payments (VRPs) the ‘hero functionality’ that will enable open banking to go mainstream -- if the industry can overcome a few hurdles first 👉 Click here for more: https://lnkd.in/dxVM7Gnr Benjamin Ensor, Laura Watkins, Sacha Holub, Frederick Lawley-Wakelin, Lily Krakowsky, Tom Burton #openbanking #fintech #11FS #gocardless
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2moThere's a psychological hurdle to overcome as well - people of a certain age just feel cards are a natural way to pay. It will go away - increasingly I'm finding it natural to pay with a phone (my wife is often scandalised that I haven't bothered to take a card or cash somewhere) and the generation before mine assumed cheques wouldn't go away. But for me this looks like a longer-term project.