How Pay-by-Bank Could Shake Up Payments
- Date:May 02, 2023
- Author(s):
- Sophia Gonzalez
- Report Details: 13 pages, 3 graphics
- Research Topic(s):
- Debit
- PAID CONTENT
Overview
As older payment methods recede, pay-by-bank is emerging as a contender at the point of sale. It allows consumers to continue using the funds in their checking accounts, as they do with ACH payments, but adds greater security with real-time authentication and confirmation of payment.
Merchants, too, benefit from the security of pay-by-bank payments, because they don’t have to store sensitive consumer information. For banks, there’s a loss of interchange revenue, but they can rework their strategies to remain the most favored payment method by their customers.
Key questions discussed in this report:
- What is pay-by-bank and how does it work?
- What are the advantages of pay-by-bank for consumers and merchants?
- What are the implications of pay-by-bank for financial institutions and how can they adjust to account for those?
Companies mentioned:
Bank of America, Catch, GoCardless, Jack Henry, J.P. Morgan Chase Bank, Mastercard, Paymentus, Paypal, Trustly, Venmo, Visa, Zelle
Interested In This Report
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