Open Banking Ticks All the Payment Preferences, so Why Isn’t it Seeing More Use?

Despite fulfilling consumer payment preferences such as security, privacy, speed, and efficiency, open banking is underused due to insufficient awareness. A study by emerchantpay indicates a lack of education and communication from banks hinders open banking adoption. After learning what open banking entails, 58% of UK consumers recognized they used it without knowing, highlighting the need for better information dissemination. Emphasizing user education could significantly boost open banking usage, benefiting customers and merchants with secure and efficient payments. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: The Fintech Times