Comment From James Hickman, Ecospend on Uk Regulator Fining Mastercard and Others for Prepaid Cards Cartel

  • James Hickman, CCO at Ecospend

  • 18.01.2022 02:15 pm
  • #payment #banking #mastercard

James Hickman, CCO of Ecospend, said: “Following the news that five payments companies, including Mastercard, were fined £33 million on Tuesday for cartel behaviour, clearly demonstrates that we need a shake up in the payments industry. For some time, card payments have dominated the space, and have been allowed to do so. However, there are alternative payment options available, such as open banking, which are not only more beneficial for the customer, but they are also better for the business.

“Open banking allows customers to make payments using ‘pay-by-bank’ services. Customers don’t need to input any personal banking data in order to make payments, which streamlines the customer experience and also reduces the risk of fraud. Alongside the consumer benefits, the cost to businesses or local authorities would be lower than with card payments and would settle instantly via faster payments. ”


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