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
Related content
In-House Payment Options for Merchants: Time for a New Look
The big household names in retail, in-store and online, have always offered customers the most choices of ways to pay, along with deferred terms like layaway or installment credit....
AI in the Payments Ecosystem
Merchants and payment service providers are working diligently to turn the promises of artificial intelligence into tangible business advantages. AI promises to deliver new levels ...
Agentic Commerce and Merchants: Get Ready for a New Reality—and Some Turbulence
AI-powered agentic commerce could represent a fundamental recasting of the purchasing dynamic, which has always put ultimate decision-making in the hands of consumers. Transforming...
Make informed decisions in a digital financial world