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So BNDL has emerged; revenues from "Buy Now Data Later" and AdTech will dwarf the cost of credit, write-offs and normal payment operations. And BNDL explains why BNPL valuations are so hot.

@Bill, we'll have to rely on Roberto's expertise here. (I'm still waiting for delivery of a new quantum computer capable of modeling all the new scenario permutations). 

Consumers will suffer eventually. Obviously the merchants will be the first to recognise a 1% hit to profits. But they'll soon either (a) consider a "no UK cards" policy (if that's also now allowed - I'm no longer sure!).  Then (b) they may ask their payment provider for some form of easy/transparent surcharge facility. Processors and acquirers better get their fees and billing system systems dusted-down.

Great. Loads of tedious new thinking needed now - i UK being out of EU now means the Interchange Fee cap ruling no longer applies (obviously not), then presumably the same rules that prevent merchant surcharging also no longer apply. So will Brits now need to get used to seeing a few more checkouts containing an apologetic "Je regrete mais ce ca le UK customer 1% surcharge..." message? 

I'm not sure how much time the poor guy will have spare - surely with his background in connected car data analytics, he'll be busy with the borderless border needed for Boris' Brexit.

I do believe that Open Banking will fulfill the promise of more efficient, effective and integrated financial services, beyond the traditional view of card payments. Obviously it'll lead to a chaotic period of change, and a great gnashing of teeth (particularly about the lack of ubiquitous standards compared to cards). 

Wow - this is taken the need for "Confirmation of Payee" capabilities to a whole new level. But there may be a better solution for the world of football. If only there was some  kind of secure but open global ledger thing which could be used to track footballing assets. Maybe someone will invent such a thing one day. 

To paraphrase Kenneth Rogoff (a former chief economist of the International Monetary Fund) don't we need to encourage a "less-cash" society, not necessarily a cashless one?

If Rogoff's calculations for cash-based tax evasion are correct (e.g. 3% GDP leakage in the US), the economic penalty globally for continuing to promote cash may be a touch higher than the amount lost due to criminal abuse of electronic payments. But then again, I don't know the exact figures.

The fine engineering and construction efforts of the CMA9 are not being matched by customer education or market promotion activities. So no great surprise that consumers have not heard of new types of banking services, or are alarmed by “open” terminology. Perhaps we need a government-driven public awareness campaign? A Green Cross Code man for crossing digital roads. Now that Accenture own a creative agency, I hope Jeremy pitches for the business!

I'm loving the way you've chanelled the cheesy 1982 Paul McCartney and Stevie Wonder song ("...living together in perfect harmony, side by side on my keyboard, oh Lord, why don't we?...") into a cards versus "direct-from-account" debate.

The question is though, in a PSD2 world (where "access to the account" makes cards, card numbers and underlying card-based standards a bit redundant), will 3DS2.x only work for card transactions? Surely banks/issuers (and indeed customers) would prefer one authentication method/system that covers their one identity, regardless of what quirky connections are taking place for each of their individual accounts?

Or perhaps it's not as black and white as that?