TrueLayer report | The future of ecommerce payments

Report

The future of ecommerce payments

Why open banking will challenge card dominance

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What does the future of ecommerce payments look like?

The rapid growth of online retail transactions is adding strain to legacy card payment systems that merchants have relied on for years. Meanwhile, open banking payments have increased by over 550% between July 2020 and June 2021.This research report examines the development of open banking payments, and why they're quickly becoming a competitive alternative to cards, including:
  • How open banking led to the emergence of a new payment method with potential to challenge the dominance of cards
  • How the ageing card network infrastructure, and its approach to chargebacks, is a burden for modern ecommerce businesses
  • Why open banking payments are made for the digital age, with better conversion, increased security and lower costs
  • What businesses, banks, independent experts and consumers expect to see from the future of ecommerce payments

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