Stripe reposted this
The future of real-time payments (RTPs) is at a crossroads. 💳 Will major card-heavy markets like the US and UK embrace consumer RTPs? 🔀 Can RTPs evolve from domestic to global payment methods? 🌐 Could a global RTP network rival the reach of card networks? The last post in our three-part series about RTPs explores these questions: https://lnkd.in/eKgf772m.
Go Marisa! This is fantastic!
Great blog post series 🚀 hows Stripe embracing RTP?
David Parker
3d
Great blog, well written and well worth a read.
I’m a product management geek with a knack for e-commerce and payment systems.
3dRTPs aren't the right alternative for cards in every use case we use today. There are cases where the payment needs to be delayed, for example. If you order your Christmas or Thanksgiving turkey six weeks in advance with your grocery order, you don't want the funds to leave your account immediately. But we are getting to a point where RTPs will present some good competition to cards. I'm thinking about two challenges at the moment. First, what needs to happen for banks (as issuers) to give up their interchange from cards? Second is access to credit via RTP API-driven payments. Open banking in the UK is only an alternative to debit cards. For many merchants, this is a small percentage of transactions. If open banking is going to be a competitive alternative to cards, we need to see some way for users to access credit via these RTP-based services. Another challenge that I believe we need to solve in RTPs is the challenge of fraud. The chargeback arbitration model gives merchants and consumers trust in the system. Trust will drive the repeat usage we need for these payment schemes to become competitive.