Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How a New Cardless Payment Option From Discover Works · 15 Feb 2022 podcast

So for the consumer, it's not so much a question of debit, do I pay by debit or do I pay by bank account or do I pay with credit card? matched

Really the questions for consumers come down to the following. matched

One, do consumers want to pay with money they already have? matched

money that's sitting in their checking account? matched

Or do consumers prefer to pay with money that they don't have, but they plan to pay off with a credit card, right? matched

And then the question becomes, well, what incentive is offered to the consumer to pay with either form? matched

As we know it now, I mean, in the US, credit cards are such a dominant form of payment because of the generous rewards that are offered to consumers, right? matched

Oh, you mean I can pay with my credit card and get cash back or rack up matched

points for travel. matched

Well, with this payment form, because the merchant would be incurring significantly lower fees than they would with cards, that would translate into discounts for consumers. matched

So if consumers are told, look, if you pay by bank account, you'll be able at the point of sale when you're making the purchase, not to pay the sticker price that you see, but to pay a somewhat lower sticker price. matched

Well, that becomes the incentive for the consumer. matched

So matched

Really what it comes down to for shoppers as to what would make somebody pay with this payment form over a different payment form, it would be one, if they have the cash in their account to begin with, and two, if the financial incentive, which in this case would be discounts, matched

is big enough to make them choose to pay that way and not to pay by cards. matched

Currently in the U.S., most debit cards have no reward programs affiliated with them. matched

Credit cards are still quite generous with regards to the rewards. matched

So it would have to be that math that people wait to determine whether they want to pay by bank account. matched

So one of the reasons why many consumers use credit cards for payments is because when a credit card is used fraudulently, purchases are made that the legitimate cardholder did not make. matched

Removing those purchases from their statements and not being liable to make those payments is really easy for consumers. matched

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