💰 United Kingdom 🇬🇧: emerchantpay Research Highlights Growing Demand for Open Banking

💰 United Kingdom 🇬🇧: emerchantpay Research Highlights Growing Demand for Open Banking

A survey of 2,000 consumers reveals key factors influencing their preferences for online payment methods.

🆎 Security and privacy: Consumers are most worried about security (60%) and privacy (41%), followed by speed (38%) and efficiency (34%). Open Banking payments address these priorities effectively.

🆎 Next, reflecting on the degree of importance, the British mentioned the cost of the payment method (29%), data ownership (18%), and account balance transparency (17%).

🆎 Fuure tendencies: Almost 19% of consumers believe they will use Open Banking more frequently in the next 5 years; this surpasses the expected use of BNPL (14%) and crypto (7%).

🆎 Openbanking knowledge: 51% of Britons were not familiar with the concept of Open Banking, yet 58% admitted to using it for online payments after receiving an explanation... Many consumers don't know what it is or have any idea of its benefits and functions.

🆎 Therefore, as a recommendation, the study’s authors emphasize the need for better education. For instance, merchants can provide informational materials at the point of payment, and banks should follow suit. Financial institutions and payment service providers should also work together to create comprehensive awareness campaigns.

🆎 By the way, emerchantpay is a leading acquirer and provider of online, mobile, and POS payment services. In June, they partnered with the European Open Banking payment network and are now actively promoting this area.

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