{"id":16280,"date":"2021-09-17T11:44:14","date_gmt":"2021-09-17T11:44:14","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=16280"},"modified":"2021-09-17T11:44:14","modified_gmt":"2021-09-17T11:44:14","slug":"open-banking-brings-a-challenge-to-card-dominance-in-payments","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/open-banking-brings-a-challenge-to-card-dominance-in-payments\/","title":{"rendered":"Open Banking Brings a Challenge to Card Dominance in Payments"},"content":{"rendered":"<p>Open banking platform TrueLayer recently commissioned independent research to examine open banking in the UK and EU. The report outlining the findings of this research clearly shows that:<\/p>\n<ul>\n<li><strong>Open banking payments are growing fast.<\/strong> Although open banking payment solutions were initially slower to develop, they are now rapidly accelerating as they gain in popularity.<\/li>\n<li><strong>E-commerce payments are also growing consistently.<\/strong> The share of e-ecommerce in sales has increased from 2.8% in 2006 to 36.5% in 2020. COVID-19 has served to further accelerate this growth.<\/li>\n<li><strong>Greater competition from open banking payment solutions will benefit merchants and consumers.<\/strong> Open banking solutions will help break the monopoly-like stranglehold card solutions have over merchants. This is expected to result in lower fees for merchants, greater payment security and more convenience for consumers.<\/li>\n<li><strong>International non-card payments show there is appetite for card competition.<\/strong> Non-card payment methods have gained wide adoption recently. With open banking, these methods can scale across Europe more easily and challenge the dominance of cards.<\/li>\n<\/ul>\n<p>Dig deeper into the report <a href=\"https:\/\/truelayer.com\/the-future-of-ecommerce-payments?utm_campaign=CONTENT_REPORT_ECOMMERCE_FUTURE_SEP_2021&amp;utm_source=finextra-blog-post\">here<\/a>.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16280 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Payment Methods Report 2023 Released'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/payment-methods-report-2023-released\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/11\/ad46659c-d567-f5b0-82bd-fccd70f6e6a91-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17334\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17334'>\n\t\t\t\tPayment Methods Report 2023 Released\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Taking the internet out of IoT'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/taking-the-internet-out-of-iot\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/taking-the-internet-out-of-iot-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11866\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11866'>\n\t\t\t\tTaking the internet out of IoT\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Improving the financial customer experience'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/improving-the-financial-customer-experience\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/vector-3d-isometric-illustration-concept-of-e-commerce-online-store_1441-244-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10244\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/vector-3d-isometric-illustration-concept-of-e-commerce-online-store_1441-244-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/vector-3d-isometric-illustration-concept-of-e-commerce-online-store_1441-244-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/vector-3d-isometric-illustration-concept-of-e-commerce-online-store_1441-244.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10244'>\n\t\t\t\tImproving the financial customer experience\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Open banking platform TrueLayer recently commissioned independent research to examine open banking in the UK and EU. The report outlining the findings of this research clearly shows that: Open banking payments are growing fast. Although open banking payment solutions were initially slower to develop, they are now rapidly accelerating as they gain in popularity. E-commerce &hellip;<\/p>\n","protected":false},"author":1,"featured_media":16281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16280"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16280"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16280\/revisions"}],"predecessor-version":[{"id":16283,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16280\/revisions\/16283"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16281"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}