Covid accelerated the shift online. It’s time for payments innovation to catch up.
Normally, technology trends such as online payments see innovation accelerate as a trend increases. Over the past year, Covid has been a catalyst for a massive increase in online spending. However, neither merchants nor payments providers have been able to maintain the pace of innovation as this trend accelerated. Online payments innovation has some catching up to do – and open banking payments can be one of the catalysts, through better shopper UX, lower fees, and more.