New Ways To Pay: Aligning Consumer And Merchant Payments Preferences
Bank Transfers Look to Make the Leap From Bill Pay to Merchant Checkout
As merchants explore cheaper payment alternatives, some hope to use consumers’ familiarity with online bank transfers for bill pay. For “New Ways To Pay: Aligning Consumer And Merchant Payment Preferences,” a collaboration with Nuvei, PYMNTS surveyed 2,466 U.S. consumers about their interest in using new payment methods — and how online bank transfers for retail purchases might fit.
Inside the November Report
- 26%: Share of consumers who are reluctant to use online bank transfers due to lack of a rewards program
- 21%: Portion of consumers who know what online bank transfers are but have not used them
- 39%: Share of consumers who avoid using online bank transfers due to security concerns
