Debit payments are poised to drive open banking advancements through real-time payment integration, enhanced digital issuance, and pay-by-bank adoption, supported by trends like mobile wallet growth and push provisioning technology. Real-time systems like FedNow and RTP are expanding, offering consumers and businesses faster, seamless transactions and creating new opportunities for financial institutions to innovate payment services. Open banking, highlighted by examples like Walmart’s real-time pay-by-bank option, demonstrates the potential for reducing merchant costs and improving customer experience. Widespread adoption will still hinge on incentives like rewards and/or discounts to engage consumers.
Debit Payments Could Drive the Future of Open Banking
