Open Banking APIs Offer Control And Transparency To UK Subscription Payments
It seems the only thing consumers don’t like about subscriptions is the lack of clarity that can cloud the payments process. The latest Open Banking API Playbook, a PYMNTS and TrueLayer collaboration, examines how new UK mandates surrounding recurring payments and the use of open banking-powered APIs can help merchants extend greater transparency and control to their subscribers.
• 142 percent: Increase in consumers’ use of retail subscription services over the past 18 months
• 550 percent: Increase in U.K. payments volume between July 2020 and June 2021
• 60 percent: Share of U.K. consumers who are projected to use open banking by September 2023