Community

Yes, clearly it is. However the real transformation will happen when account to account (A2A) transfers become commonplace as it does not require 'card acceptance' capabilities of the biller. Fortunately, in the UK, we now have all components in place (FPS, OB and RtP) that can deliver the cashless future, whilst being fairer, faster and cheaper.

Consumer banking is a challenging place to be at present. Revolut had some great solutions, but open banking and Request to Pay will give the mass market banks much of the functionality consumers want, but in an open environment. There are more opportunities in SME banking, but again the new(ish) OB and RtP functionality will give the high-street banks the tools they need to bring better (and value generating) products to market, but only if they embrace them.

One idea would be fiscalisation 

Innovation will play its part here. Open banking and Pay.UK compliant 'open standard' overlays such as Request to Pay can/will/should deliver ubiquitous real time digital payments, safely, securely and most importantly at low cost. Retailers, banks and billers need to come together to drive adoption.

I fully agree with Nick, let the customer have what they are comfortable with, improve it and take much of the cost out.