A Look Back at Six Years of Open Banking
Over the past six years, Open Banking in UK has grown significantly and changed the way we make payments. Thanks to its emphasis on affordability, security, and ease of use, Open Banking-enabled payments are set to take the lead in the digital payments space. To realise Open Banking's full potential, collaboration as well as backing will be essential along the way.
Insights from the Future of Payments Review Report- Open Banking’s Role in Shaping Tomorrow’s Economy
Explore insights from Future of Payments Review Report, delving into dynamics shaping the UK's future payments landscape. The success of contactless payments and the growth of digital wallets highlight the nation's leadership in digital adoption. However, challenges persist, such as merchant dissatisfaction with card costs, a consumer protection gap in Open Banking, and the absence of a unified National Payments Vision. A balanced, consumer-centric approach is the need of the hour, calling for seamless experiences, Open Banking advocacy, and regulations fostering innovation. In our ever-evolving financial landscape, let's strive for efficiency, inclusivity, and security in shaping a digital economy.
Alarming Increase in UK Fraud Cases: A Call to Action
The UK faces an alarming surge in fraud cases, with consumers losing £580 million in H1 2023. Instances of romance scams and identity theft rose sharply, while APP fraud increased by 22%. Despite a 35% drop in impersonation cases, digital deception via online platforms and telecommunications remains prevalent. Collaboration across sectors, involving tech and social media companies, is crucial to combat fraud, raise awareness, and ensure consumer protection. The rise of social media as a deception medium underscores the urgent need for comprehensive measures and collective responsibility.