
Fintech Yet to Explore Request to Pay
Every time the requests on your phone to pay for the coffee pops up, you pay for the coffee at the cafe counter. Some people say that this "Request to Pay" is a much more convenient way of payment for the future. Banking Circle CEO,
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CIO Applications Europe | Tuesday, December 07, 2021

Request To Pay has simplified transactions considerably. The fact that people prefer 'Request To Pay' over cards, is a sign that it will replace cards.
FREMONT, CA: Every time the requests on your phone to pay for the coffee pops up, you pay for the coffee at the cafe counter. Some people say that this "Request to Pay" is a much more convenient way of payment for the future. Banking Circle CEO, Anders la Cour says that the digital request transfers the money directly from the receiver's account to the receiver's account. Some Request to Pay schemes, such as PayUK and the European Payments Council, are not yet fully operational. PayUK estimates the service could save the UK economy 1.3 billion euros.
la Cour believes that "Request to Pay" will transform the conventional payment methods as it offers an alternative to cards. Benefits of Request to Pay include ad hoc transactions which are now in demand. Request to Pay has also decreased the chance of chargeback fraud, which is why it will replace cards very soon. One of the unique features that it provides is to buy now and pay later, avoiding direct debits.One of the major reasons for it going global is that more and more countries are adopting the Request to Pay. Currently, India is at the top of the list of territories that have on-boarded with this. Open banking has seen a slow adoption — with around 4 million users in the UK, well behind predictions of 33 million by next year.
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Banks getting partnered with fintech is one of the reasons why people find it trustworthy and popular. Moreover, traditional banks have all the room to match the market requirement and to serve better experience to people.Request to Pay won't be launched this year, says de la Cour. When it will be finished is guesswork, but he advises fintechs to get ahead and start setting up partnerships.
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