Why Payment Innovation Fails

Mike Hutchison discusses the evolution of UK payments, centred on the enduring strength of direct debit and the practical implications of newer payment models such as open banking, pay by bank and variable recurring payments.

He examines why direct debit has remained so successful, highlighting its strong consumer understanding, low-cost economics, dependable performance and disciplined brand execution.

The discussion also explores where newer payment methods add value, particularly for customers who want more control or have irregular income patterns.

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