Overview
As digital technology rapidly transforms payments, businesses are seeking innovative ways to enhance efficiency, reduce costs, and improve security. One such innovation is pay-by-bank, a payment method that allows consumers to make direct bank transfers for purchases without relying on traditional card networks. This method, which plays out across open-banking and real-time payment systems, offers a compelling alternative to credit and debit card transactions but also challenges in implementation.
This report provides a comprehensive guide for merchants interested in pay-by-bank, detailing its benefits, challenges, technical implementation, and regulatory considerations. It also offers recommendations to help merchants successfully adopt this payment method. By following the strategy outlined in this report, merchants can effectively implement pay-by-bank and position themselves at the forefront of payment innovation.
Key questions discussed in this report:
- What does pay-by-bank entail?
- Will consumers opt in for a new way to pay instead of using their debit card?
- Is pay-by-bank really less expensive than card transactions for merchants?
- Which merchant types should implement pay-by-bank?
Companies Mentioned:
Aeropay, CSG Forte, Federal Reserve, Fiserv, Mastercard, MX, NACHA, Plaid, Sionic, Target, The Clearing House, Visa, Walmart
Learn More About This Report & Javelin
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