Insights on the Growing Trend of Pay by Bank from Recent Research

The evolution of payment methods is reshaping consumer preferences, with Pay by Bank emerging as a popular choice in several European countries. A recent report, based on research by YouGov and Brite Payments, sheds light on the growing appeal of Pay by Bank and its impact on the payment landscape.

The Instant Economy Payment Insights report, conducted in January 2024 across key European markets, unveils a shift towards secure, convenient, and instant payment methods. With over 8000 consumers surveyed, the report highlights the increasing familiarity and usage of Pay by Bank, especially in the UK and the Netherlands where it ranks as a top three payment method.

Key findings from the report include the fact that nearly three-quarters of respondents are aware of Pay by Bank, with a significant portion of young consumers already using it daily or weekly. Speed and security are cited as primary factors influencing payment method choices, with a growing preference for real-time transactions and rapid settlement of payments.

Founder & CEO of Brite Payments, Lena Hackelöer, emphasizes the importance of addressing consumer needs for immediacy and convenience in today’s digital economy. The report also identifies common issues faced by consumers when making online payments, highlighting an opportunity for simplified payment methods that prioritize user experience.

Brite Payments, a leader in instant bank payments, is leveraging Europe’s open banking infrastructure to enable A2A payments and payouts. With a recent million fundraise and expansion plans in Europe, Brite is at the forefront of developing secure and efficient payment solutions that align with consumer expectations.

For more information on Brite Payments and the Instant Economy Payment Insights report, visit britepayments.com and stay tuned for further developments in the evolving landscape of payment technologies.