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2021: the year card payments expire
As more customers have turned to digital channels to manage every aspect of their lives, they have experienced a poor payments experience and service.
The problem is cards. They were not built for a digital-first experience and have been retrofitted into current online payment flows. Newer approaches such as Google Pay or Apple Pay paper over those cracks but don’t change the fundamentals.
Open Banking is digitally native and mobile first by design. Bank to bank payments move money at a fraction of the cost, securely and conveniently, while also delivering a vastly better consumer experience. It’s a huge win for merchants too, with a higher conversion rate than cards, with near instant settlement and all at a lower cost.
The introduction of Strong Customer Authentication (SCA) in 2021 adds another layer of friction to cards with workarounds that deliver a poorer customer experience. With open banking payments, authentication is integrated in the payment flow, often with the consumer using biometrics such as fingerprint or face ID to identify themselves in their banking platform.
There is a huge opportunity for banks to improve the experience, removing legacy card infrastructure and move money at a fraction of the cost, more securely and with a higher level of consumer experience and convenience.
Cards have had their time. 2021 will be the year the future of open payments architectures powered by open banking capabilities comes into their own. We will see significant investment in innovative payments products and services built on top of open banking, driving further adoption, for a better user experience.
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CLS Appoints Six New Board Directors
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
Mobey Forum’s Fraud Expert Group has published a new report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, exploring how fraud is evolving beyond traditional banking threats and why stronger collaboration across industries is becoming essential.
SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support
Connect IFA Ltd is pleased to announce key leadership appointments designed to strengthen its commitment to growth and enhance the support it provides to advisers and network members.
FreeAgent Launches New AI Tool for Landlords to Capture Rental Statements
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