In this video, Justin Hanna from Acquired.com discusses the future of payments, particularly focusing on card payments, bank transfer and open banking.
Justin highlight the factors influencing the adoption of new payment methods, including trust, cost, and customer preferences. He emphasizes the importance of understanding customer behavior, educating businesses on the payment journey, and addressing declined transactions.
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Key Points
- Open banking offers businesses access to bank account information, transforming payment options.
- Trust and familiarity play significant roles in the adoption of new payment methods.
- CBDCs are being discussed as digital replacements for cash, potentially impacting open banking.
- Micro payments and cash transactions remain relevant in specific scenarios.
- Educating businesses and customers about payment options and their benefits is crucial.
- Open banking providers should focus on real-time affordability and vulnerability checks.
- Addressing declined transactions and ensuring a seamless recovery process is vital.
- Businesses need to adapt to changing customer preferences by offering diverse payment options.
- Collaboration between businesses, banks, and payment providers can drive innovation.
- Fraud detection and prevention tools are essential to build trust in new payment methods.
Key Take Aways
- The adoption of new payment methods often takes longer than expected due to trust and human behavior.
- Open banking has the potential to reshape the payment landscape in the UK.
- Digital currencies like CBDCs could revolutionize the payment industry.
- Providing customers with multiple payment options, including open banking, is essential for businesses.
- Proactive measures to address declined transactions and enhance recovery can improve payment processes.
- Speed and cost-effectiveness are critical factors for businesses transitioning from card payments to open banking.
- Collaboration and innovation are key to the evolution of payment methods.
- Businesses should invest in fraud detection and prevention to build trust in new payment solutions.
- Educating both businesses and customers about the payment journey is necessary for successful adoption.
- Businesses should consider real-time affordability checks to assess customer behavior.
- Trust-building measures are vital for the successful adoption of new payment methods.
- Open banking and digital currencies may coexist for several years before widespread adoption occurs.
#Acquired
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