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The concept of ‘Open Banking’ aims to open up that data and therefore redefine the way consumers, businesses and banks work together through application programming interfaces (APIs) so that third parties can offer new financial services – provided the customer consents of course. But how can online businesses unlock the true potential of Open Banking?
Worldline’s Scientific Community has published Navigating Digital Payments which explores the key trends in payments. Understanding how these trends will interact and converge provides deeper insights for what the future will bring.
Acceptance of digital payments at micro or small merchants, particularly in developing countries, is low for a variety of reasons. Driving an increase in digital payments acceptance is easier said than done, but will depend on three key elements: trust, cost and opportunities for revenue generation.
Speedy and seamless customer interactions both online and offline are vital for any business wanting to compete in today’s consumer world. But do not underestimate the importance of human interaction to drive customer experience and customer loyalty.
The UK experienced a large rise in the number of contactless payments last year, a transaction trend which was sped up by the pandemic. From October 15th 2021, consumers and merchants will be able to pay for goods with greater single payment contactless transactions, to the benefit of all.
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