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In a discussion about open banking and its impact on retail payments, the challenges and opportunities open banking presents to financial institutions and retailers. There is an emphasize for the need for building trust among consumers and the potential for retailers to offer branded payment methods. The conversation delves into various aspects, including the readiness of banks for open banking adoption and the role of data privacy and customer consent in the open banking landscape.
Key Points and Ideas
Open banking offers more benefits to merchants than consumers.Retailers can leverage open banking to build trust and credibility with customers.Consumer trust in traditional banks plays a significant role in banking choices.Financial institutions have realized the importance of partnerships with fintech companies.Request to pay could play a crucial role in the open banking ecosystem.Tech...
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