Brite Payments reveals drivers of European Pay by Bank adoption
Pay by Bank is now a top three payment method in several European countries, with half of consumers citing speed and security as the main reason for adoption of this payment method, according to new research.
The survey, conducted among 8,000 consumers across six European markets by Brite Payments and YouGov, found that 73% are familiar with Pay by Bank – or account-to-account (A2A) payments, as they are also known.
This familiarity with A2A payments rose to 90% in the UK and 97% in the Netherlands.
Instant bank payments provider Brite Payments’ research revealed that Pay by Bank is among the top three payment methods in the UK, Netherlands, Finland, Spain and Germany.
Lena Hackelöer, founder and CEO of Brite Payments
Among respondents aged 18 to 29-years-old, Pay by Bank is being used either on a daily or weekly basis, while 25% across all age groups use this payment method.
The research showed that 42% of regular Pay by Bank users opt for the payment method because of speed, while 59% cite security as a factor in determining their choice of payment method for online purchases and 54% identified ease of use.
However, when considering a new payment method, 73% of respondents ranked security as the most important factor, followed by fees (64%) and ease of use at 47%.
Brite Payments found that consumers also expect rapid settlement of payments they receive, such as refunds and payouts, with 50% agreeing that it is unreasonable to wait for more than an hour to receive a payment from a business.
“Account-to-account payment methods are not entirely new – in fact, they are well established in many European markets,” said Lena Hackelöer, founder and chief executive officer of Brite Payments.
“What is noteworthy is that a new generation of Pay by Bank or A2A solutions based on Open Banking is emerging, which not only address merchant pain points but also clearly converge with consumer demands for more convenient and secure payments.”