Six in 10 Consumers Say They’re Ready to Switch to Pay by Bank
Pay by Bank: Consumer Adoption Hinges on Security Concerns
Consumers aren’t rejecting Pay by Bank. They’re waiting to be convinced. New research in “Pay by Bank: Consumer Adoption Hinges on Security Concerns,” a PYMNTS Intelligence and Trustly collaboration, shows that most would switch if they felt protected and rewarded for doing so. With trillions of dollars in payments up for grabs, the race is on to turn curiosity into confidence and trust into adoption.
In this report learn:
- Security drives adoption. Nearly half of consumers who avoid Pay by Bank say they believe entering their bank credentials is less secure than using a card—highlighting a key education gap.
- Incentives can shift behavior. Six in 10 consumers would switch some transactions to Pay by Bank if they were offered buyer protections and small financial rewards.
- Massive growth potential. With debit cards handling $1.6 trillion in U.S. retail payments each year, even modest migration to Pay by Bank could yield significant savings for consumers and merchants alike.
