"Unlocking Growth: Building Consumer Trust in Open Banking"

Open banking in the UK has made strides, with 31 million monthly payments, 13.3 million users, and £4.1bn to the economy. However, there’s still untapped potential. A report shows a knowledge gap among consumers, with 58% desiring lower fraud risk but only 39% feeling protected. Security is a priority, especially for unfamiliar brands and high-value purchases.

Commercial Variable Recurring Payments (cVRP) aims to bridge convenience and security gaps, offering consumers control over recurring payments and checkout. Merchants prioritize low fees and strong security. The chargeback system is a major concern due to administrative burdens and friendly fraud. The National Payments Vision outlines key reforms to enhance open banking’s mainstream adoption.

Reforms include developing a consumer protection model, introducing a UK trustmark, accelerating cVRP rollout, and preserving low cost and high security. These changes aim to educate consumers and merchants on the benefits of open banking, providing businesses and consumers with the opportunity to leverage this pioneering technology.

Read more at Yahoo Finance: Bringing consumer trust to open banking is crucial to unlocking growth