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Payments General

NatWest trials new payment system to eliminate debit cards in open banking

Friday 10 August 2018 | 10:36 AM CET

NatWest has trailed a new payments system with Carphone Warehouse, enabling consumers to make ecommerce transactions directly with NatWest Pay from their bank accounts.

Currently, the NatWest Pay trial appears to be limited to iPhones. When it is time to pay, the consumer is offered the choice of a standard checkout with card or can opt for NatWest’s new service. They authenticate with SecureID or their password and are then directed to the NatWest banking app to complete the payment. In the trials, over half of customers chose to use the NatWest Pay service in preference to their debit card.

The service relies on the fact that the consumer wants to pay in the simplest manner possible and all the retailer wants is the ability to be paid by a trusted third party that routes the payment request to the consumer’s bank to complete the transaction.

Open Banking gives consumers the ability to share their financial information with third parties. This means that in the future if consumers chose to share banking information with NatWest, even if they banked elsewhere, they could still benefit from NatWest Pay.

More: Link
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