Are Open Banking payments popular with consumers?

 

  • Open Banking payments already popular in Sweden and Northern Europe
  • Open Banking payments are predicted to gain continual user preference
  • Open Banking payments are rapidly taking market share from cards

 

Open Banking payments are now one of the fastest-growing payment methods in EMEA, where they are set to overtake both credit and debit cards in popularity by 2023.1 

According to forecasts from Juniper Research, the proportion of Digital Banking users in Western Europe making purchases with Open Banking payments is expected to grow from 3.6% in 2020 to 15.7% by 2024. 

 

 

 

 1 https://fisglobal.com/en/insights/merchant-solutions-worldpay/article/2020-global-payments-report-five-ecommerce-takeaways

FAQ: Cross-border payments and Open Banking

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Why are online cross-border purchases increasing in the EU?

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What makes online cross-border payments so complicated?

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What are Open Banking payments?

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How does an Open Banking payment flow work, in general?

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Do European banks have to facilitate Open Banking payments?

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How does SCA work with Open Banking payments?

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How do Open Banking payments work across borders?

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How can cross-border expansion be simplified for merchants?

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Are Open Banking payments popular with consumers?

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Why do consumers like Open Banking payments?

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How can Open Banking payments speed up cross-border settlement?

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How do cross-border Open Banking refunds work?

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How can you choose the right Open Banking payments provider?

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