Decoding Consumer Choices: Card Payments vs. Bank Payments

In this discussion, Justin Hanna emphasizes the importance of convenience in the consumer journey, particularly when it comes to payment methods.

He suggests that most consumers prefer using card details for transactions due to its familiarity and ease. Bank details, on the other hand, are less commonly used, especially for direct debits, unless there’s a specific incentive.

Justin highlights the role of mobile apps in storing card information for quick and easy payments. He also mentions the emergence of open banking, which allows for direct payments from bank accounts, but suggest that consumers might still opt for card payments if given the choice.

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