Retailers and financial technology companies are pondering their next step in letting customers to pay for goods, check their balance and monitor transactions via their own app or online site, and to shop and use banking services in one place, according to a report issued by Accenture, a consultancy company, ft.com reports.
Payments Services Directive 2 is requiring banks to provide third parties with access to customer data, with their permission, to allow for the creation of such apps. Retailers can access bank accounts directly and do not have to handle sensitive bank card data, which could leave them liable in the event of fraudulent transactions.
However, the report forecasts that merchants and other businesses offering their own payments services will erode about 33% of online debit card transaction volumes by 2020, and 10% of credit cards.
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