This is precisely what Australia's domestic debit network Eftpos hope to achieve with their launch of the eQR service. As she highlights, the direct flow of information between consumers and merchants creates a simplified, cost-effective value chain, and it can transform merchants' relationships with their customers by leveraging data to offer a truly personalised experience. This is a characteristically accurate analysis of the opportunities for bringing added value to merchants. Rita Liu, formerly of Alipay and now of Mode (and someone with a deep understanding of payment innovation), links open banking and QR codes by saying that " QR codes can revolutionise the front end as they have in the East, while Open Banking can revolutionise the back end ". I'm not smart enough to know exactly what these products will be, but I can see that retailers and others are looking to develop and evolve their apps and wallet products and that account-based payments can find a home with them. And, in particular, open banking in the UK. One specific possibility is open banking. With a new spectrum of possibilities opening up in a world where all banks are connected to all retailer and all consumers all of the time, the 1960s four-party party may be over. After all, as many people have observed, Visa and Mastercard in particular have impressive margins (EBITDA of 60-70%) that might indicate some sort of market failure. The global credit card players will undoubtedly be following this spat with great interest. But I couldn’t help but think that this is just one front on a wider war against credit cards being fought by PSD2, BNPL, instant payments and (who knows) maybe even digital currency in the future. This prompted a variety of online discussions about Brexit and cross-border interchange, the bundling of credit with retail payment mechanisms, merchant service charges and co-brands, all of which were fascinating. Amazon’s opening bombardment of the card scheme’s trenches began this week when they announced that they will stop accepting Visa credit cards issued in the UK from 19 January, 2022. The opposing armies are jockeying for position. The opening shots have been fired and the war for consumer payments has begun.
0 kommentar(er)
