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Variable Amount Direct Debits have been in use at all banks in the UK for more than 50 years. How does it differ from a Variable Direct Payment? The UK has been a leader in payment technology for that same 50 years. What does Open Banking bring to the table that is different? You are right that the public need to be educated in what Open Banking means and what benefits it brings.

I have had the ability to Buy Now, Pay Later for more than 40 years by having a credit card. I can also buy through this card at the click of a button.

Regarding venture capital funding of fintech companies, I suggest that you read a history book and seek out the South Sea Bubble.

An excellent article. Your analysis is spot on.

So the answer is that there is very little difference between a credit card & buy now, pay later.

It would help if there was public information regarding the 'benefits' of open banking. Whilst I believe that understand it, it appears to be of no value to me.

Presumably this works with companies registered overseas, particularly in the Cayman Islands, Leichtenstein, Tuvalu, etc.

To existing credit card users, as opposed to merchants, there is no benefit whatsoever to those of us who pay the whole balance off each month. In fact, both my credit card providers provide me with loyalty bonus, so I would actually lose money. I still have the option of delaying payment, at a cost, and I still get 56 days free credit.

Excellent article. It begs the question, why use Klarma?

The biggest problem is the ease at which fraudsters can open a bank account to receive their ill-gotten gains and immediately transfer the money elsewhere. Banks should be far more careful about allowing fraudsters to open accounts, but it seems that all banks are desperate for new accounts and cut corners when carrying out even the most basic checks.