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Pay-by-Bank Could Win 32% of Bill Payments With the Right Incentives

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Pay-by-Bank Could Win 32% of Bill Payments With the Right Incentives

Digital bank customers are more willing than the broader banking population to move transactions to Pay by Bank when the payment method comes with discounts and buyer protection, according to PYMNTS Intelligence research.

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The findings come from “Pay by Bank Deep Dive: Digital Bank Users Are Ready to Switch,” a PYMNTS Intelligence report produced in collaboration with Trustly. The study is based on a U.S. Census-balanced survey of 2,071 adult U.S. bank customers. It examines consumers’ interest in and willingness to use Pay by Bank.

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Digital bank customers already stand apart in how they pay. Wallets are their leading choice for retail purchases, subscriptions, rideshare and account-to-account transactions. For example, 51.9% prefer wallets for rideshare, 47.3% for A2A transactions and 43% for subscriptions.

The report also finds that the incentives most likely to drive Pay by Bank use do not differ much by bank type. Among digital bank users, 43.1% name immediate cash benefits as the most important reason to use Pay by Bank, while 16.9% cite buyer protection. About one-quarter, 25.4%, say none of the listed incentives would make them more interested.

Pay by Bank still has ground to cover as a debit alternative. 2% of all bank customers currently view it as a substitute for debit.


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