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?
Bank of America, Catch, GoCardless, Jack Henry, J.P. Morgan Chase Bank, Mastercard, Paymentus, Paypal, Trustly, Venmo, Visa, Zelle
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