After nearly two years of slow development and arguing, we’re starting to see more and more PSD2 adaptation. It is not the game-changer all the banks feared, but e.g. BN Bank now receives new bank deposits of NOK 40-50 million a week
from customers in other banks via PSD2. These customers have discovered that they can move savings to an account with a better interest rate in BN Bank, and at the same time, still have access to the account in their old bank. In Stacc, we’ve also integrated with multiple PSD2 aggregators lately, like Tink and Neonomics, observing that account-to-account payments have matured a lot over the last half-year.
But what comes after PSD2? According to Sifted, this can be “Request to Pay”
: Imagine your phone buzzes and you get a notification. It asks if you would like to pay for your coffee, you accept and pick up a latte from the cafe counter. When you accept, the protocol automatically initiates real-time credit to the recipient by drawing funds from the initiator’s bank. I must say that I have more faith in this potential solution than PSD2 payments for one reason: Request to Pay potentially requires less context switching for users.
Instead of getting sent to your bank and having to authenticate with bankID, you could get a push notification from your bank and authenticate via FaceId or similar, and the payment goes through. Request to Pay is very much in its infancy. Technical details and the technical scope have not been fully finished, but it will be interesting to follow the evolution over the following years.