Open banking has been widely embraced as a payment method in industries like financial services and igaming. Until now it has been overlooked by all but the most disruptive retailers as a payment method and many consumers are unaware that it can be used for online purchases.
But the tides are turning, adoption is on the increase and open banking is appearing on the roadmaps of some of the UK’s biggest retailers.
Today we will explore the advantages of open banking compared to other methods of payment such as BNPL and look at the barriers preventing retailers from adopting open banking as an alternative payment method.
We will discuss how open banking is growing at pace and what challenges open banking can solve for retailers and consumers alike.