Security concerns are especially prevalent

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This generational disparity suggests that open banking providers should focus their marketing efforts on younger demographics, who are more inclined to integrate this payment method into their routine transactions, PYMNTS wrote. In addition, high-income consumers were more likely to adopt open banking payments, with 50% of those making more than $100,000 per year expressing interest, compared to 42% among those with lower incomes. The report found 56% of non-users cite trust issues as a significant barrier, while 44% said they were not familiar with the concept of open banking payments.

among older consumers, with 64% of baby phone numbers canada boomers and seniors highlighting this issue, versus 44% of Gen Z and millennials. To address these barriers, open banking providers must focus on enhancing security measures, improving transparency and increasing consumer education, PYMNTS wrote. Partnering with established financial institutions could also help build trust and credibility. Recommended Cyber Monday: From Dial-Up Dreams to Digital Dollars EC Adopts Technical Standards for EU Digital Identity Wallets Temu and Shein Target Toy Sales While Growing in US and Europe Bank of England Seeks Ability to Lend to Non-Bank Financial Institutions See More In: akoya, consumer finance, credit, credit decisioning, News, Nova Credit, Open Banking, partnerships, PYMNTS News, What's Hot Report: Apple Developing Face ID-Powered Smart Doorbell Camera By PYMNTS | December 22, 2024 | Apple is reportedly developing a doorbell camera as it continues to bolster its smart-home offerings.

The smart doorbell camera would use Face ID to unlock users’ doors, Bloomberg News’ Mark Gurman wrote in his Power On newsletter Sunday (Dec. 22). This camera could be released by the end of next year at the soonest, Gurman wrote. According to the report, the lock would work in the same fashion as an iPhone, unlocking automatically when it scans a user’s face. Gurman posited that this device would likely work with existing third-party HomeKit smart locks and that Apple could also collaborate with a smart lock company to offer a complete system on day one.