How Open Banking is Driving Car Sales

Sneha Padavala

10th Apr 2024
How Open Banking is Driving Car Sales

Tech Informed

Tech has made cars as smart as our tablets and smartphones. Yet the process of buying a car is still clunky and long overdue for a makeover.

Many dealerships still wrestle with cumbersome manual bank transfers, drafts, or cheques. For those accepting cards, high processing fees and transaction limits add to the administrative hassle of splitting payments. As a result, cards are often used for deposits, but not for purchase.

But customer expectations are changing – and the bar is higher. There’s a growing call for fast and frictionless buying experiences, coupled with robust protection against evolving fraud tactics. Enter open banking, a game-changer for high-value payments. Customers can enjoy a quick, secure, and seamless way to pay directly from their bank accounts.

Prommt CEO, Donal McGuinness, discusses 5 ways open banking is revolutionising how we buy cars.

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