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Discover Financial Services will soon give U.S. merchants the option to accept payments from shoppers’ bank accounts—no card needed. The card company is partnering with fintech firm Buy It Mobility Networks, whose technology allows consumers to pay directly from their checking accounts using merchants’ apps.
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The discounts can encourage consumer loyalty to merchant brands. Consumers who pay by checking account tend to buy gas at locations where they know they will get the discount. For BIM’s merchant clients, that translates into an average of $1,700 in annual additional revenue per active user compared with consumers who pay with cards, the company said.
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