Open banking is revolutionizing the payment landscape by allowing direct bank transfers, minimizing card fees and speeding up transaction settlements. Now extending beyond simple payments, open banking is being adopted by fintech firms and other sectors to enhance customer service through personalized financial products. The rise of pay-by-bank transactions, particularly among Millennials and Gen Z, is shifting e-commerce dynamics, with significant growth noted in the UK. Upcoming regulations like the Instant Payment Regulation in the EU will further enhance this trend, making transactions faster and more efficient in the near future.
Managing payments can be expensive and frustrating. High card fees, chargebacks, and slow settlements eat into profits and disrupt cash flow. That's where open banking comes in.
With the global market for open banking projected to reach $164.8 billion by 2032, 2025 marks a key turning point for adoption.
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