Building Stronger Customer Ties With Pay By Bank Transfer
Rewards Hold the Key to Bringing Pay By Bank Transfer Into the Mainstream
Pay by bank transfers are common for paying monthly bills, but consumers aren’t sold on using them to pay merchants. PYMNTS’ study of 2,056 U.S. consumers, “New Payment Options: Building Stronger Customer Ties With Pay By Bank Transfer,” a collaboration with Nuvei, examines the nascent payment method’s pros and cons — and how providers can increase adoption.
Inside the April Study
- 19%: Share of consumers citing difficulty initiating disputes with payees when using pay by bank transfer for their most recent online purchase
- 23%: Portion of pay by bank transfer users who cite speed as the most important reason for choosing this method for online purchases
- 36%: Share of Gen X consumers highly likely to use pay by bank transfer for retail purchases if offered rewards
