In this discussion, Justin Hanna delves into the intricacies of payment methods and consumer preferences.
He emphasizes the importance of convenience, noting that most consumers prefer using card details for transactions due to their familiarity, while bank details are less common.
Justin also highlights the potential of open banking for direct payments from bank accounts. Shifting the focus to cost considerations, he points out that while direct debits are often viewed as cheaper, hidden costs on the back end, such as administrative expenses and reconciliation challenges, can make card payments a more cost-effective choice in the long run.
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