Unlocking the Potential: Why Pay by Bank is a Hidden Gem in US Payments
Unlocking the Potential: Why Pay by Bank is a Hidden Gem in US Payments
The Unseen Revolution: Pay by Bank's Quiet Entry into the US Market In the dynamic landscape of digital finance, a payment method known as 'Pay by Bank' is slowly, yet steadily, making its presence felt. However, its journey in the United States has been marked by a significant challenge: a widespread lack of consumer awareness. While this innovative open banking payment solution offers a direct-from-account alternative to traditional card payments, a staggering 56% of US consumers remain completely unaware of its existence. This knowledge gap, rather than concerns over cost or convenience, stands as the primary hurdle preventing its broader adoption across the nation. The PYMNTS Intelligence report, conducted in collaboration with Trustly, sheds light on this intriguing situation, emphasizing that many Americans aren't rejecting Pay by Bank; they simply don't know what it is. This finding eclipses other potential barriers, such as anxieties about sharing banking inf…