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It provides a direct link from their financial accounts to the merchants they trust ensuring transactions are both secure and straightforward. On the other side of the equation crosby explained that merchants benefit from lower transaction costs as they avoid the fees typically associated with credit card payments. In an increasingly competitive market where margins are often thin this fee reduction can be a game-changer. As with any new technology the adoption of pay by bank will likely follow a gradual path beginning with specific use cases where the benefits are most evident.

Crosby highlighted subscription services as a prime example. For pakistan cell phone number list recurring payments such as utilities media subscriptions or government services pay by bank offers a set it and forget it solution that simplifies the consumer experience and reduces costs for merchants. Cards allow commerce to happen that never could happen before crosby said. And to do that they put this interchange rate this to tax to protect people from fraud … but do you always need that beyond the first transaction? No particularly when it comes to subscriptions … we see these repeat use cases as the perfect spot for open banking payments whether its utilities media services even things like taxes.

Unlike credit cards which can expire or get misplaced bank account details remain consistent providing a more reliable method for ongoing payments. This reliability is particularly valuable in scenarios where interruptions in service due to payment issues can lead to customer dissatisfaction. By adopting open banking payments consumers can avoid the hassle of updating payment information and merchants can reduce the administrative burden associated with managing failed transactions.