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

You know, you call your credit card company, you tell them, I didn't make this purchase. matched

No questions asked, pretty much the item is removed from matched

the bill, the consumer doesn't have to pay for it, and assuming that the investigation by the credit card companies finds that actually, yes, this was a fraudulent purchase, the consumer just never has to worry about it, and that's that. matched

But whenever you're paying by checking account, matched

be it with a debit card or not. matched

The risk would be that if that account is fraudulently used, the consumer would risk essentially seeing the funds within their deposit account come out right away for that fraudulent purchase. matched

And so with debit cards at least, there can be a waiting period before the consumer is made whole by their bank after flagging the fraudulent purchase. matched

So these are the sorts of things that people certainly need to think about matched

But there are some guardrails in place when consumers set up their accounts to pay by bank account. matched

So consumers essentially would have to opt in and they would have to provide certain pieces of information about themselves, their personal information. matched

So things like their name, their address, their phone number, their email. matched

From there, they would be able to link their checking accounts to the merchant's app in order to make payments. matched

Discover lags behind its bigger competitors. matched

There's no comparison. matched

So Discover accounted for just 2% of card transactions that occurred on major US networks in 2020. matched

This is according to the Nielsen Report, a trade publication. matched

Visa, in comparison, had 65% market share. matched

And what Discover is looking at is let's find ways to create more use cases for the network. matched

And if that means opening it up to payments that have nothing to do with cards, so be it. matched

Yes. matched

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