Open Banking News in the Last Week of 2020

Unifiedpost Group has revealed its acquisitions of BanqUp, AKTI and 21 Grams. This is a part of their strategy to create a Europe-wide platform for documents, identity and payment services. These acquisitions will help them to expand their reach from 15 to 20 European countries as well as adding products to their portfolio. BanqUp will enable Unifiedpost Group to offer insights powered by open banking to small to medium sized businesses. AKTI will enhance their offering to include bill processing and order management. Through 21 Grams they will become a provider of optimised parcel and postage services. 

New data by Nuapay, powered by Sentenial, shows that consumers are increasingly frustrated with making online purchases via card payments. The analysis of over two thousand UK-based shoppers found that 52% prefer an online payment method that’s convenient and easy but 30% find that inputting card details along with length processing times are off-putting. 25% reported abandoning their purchases because of issues paying my card. This is worrying for retailers but is also an opportunity for open banking to further its reach. 

Nets reports that contactless payments are on the rise in the DACH region and the Nordics. During the pandemic, the percentage of consumers in Nordic countries making contactless payments rose from 56% to 74%. Denmark is the European leader when it comes to contactless payments, reaching 87% in November. Digitisation in the financial sector was expected due to changing consumer behaviour and the advent of open banking but the pandemic has expedited this process. There are now increased opportunities for fintechs across the region.