C2B (Consumer-to-Business) Payments
Consumer-to-Business (C2B) payments occur when individuals make direct payments to businesses for goods and services. These may include e-commerce, or subscription-based services, as well as physical payments at point of sale. C2B payments are commonly made via cash, cheque, credit/debit cards, digital wallets, bank transfers, and an increasing array of Account-to-Account Open Banking solutions.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
