BANKING calls it . After all , few people understand the wires and the signals that happen behind an ATM , but they know what it ’ s for – and , crucially , they know how to use it .
“ The further we go into adoption , the less open banking as a name is going to matter ,” Mesters explains . “ Today , for example , when we ’ re making payments , we ’ re not really thinking about what sort of payments there are . We tend not to wonder whether paying with your phone on a counter is a card payment or not . It is and it isn ’ t . Open banking hopefully gets to that scale , and the faster it gets to that scale the better . At that scale , it really doesn ’ t matter how many people know what open banking means and what it is .”
“ THE FURTHER WE GO INTO ADOPTION , THE LESS OPEN BANKING AS A NAME IS GOING TO MATTER ”