Why do consumers like Open Banking payments?
- No long cards numbers to enter or expiration date like cards
- No card numbers stored online, which reduces fraud
- Payments can be securely authenticated with biometrics
Open Banking payments are already popular in Sweden and the trend-setting nations, and more and more people around the world are falling in love with this digital payment method. Convenience and security are the two big factors driving the growing consumer preference.
With Open Banking payments, there’s no need to go find your card and enter all the numbers when making a purchase. The information exchange is all automatic; there are no card details stored online and there’s no expiration date attached.
When they make instant payments from their bank account, customers also have an easier time managing their cash flow. There are no more sneaky, lagging settlements that cause overdrafts or block credit limits.
Payment methods that use biometrics appeal to people’s need for security – shoppers can easily authenticate themselves using a trusted source (their own bank account). When card numbers are no longer stored online, the risk of fraud and theft is greatly reduced.