Exploring Banking Payment Methods: Unveiling New Possibilities and Applications
The Money Platform Embraces Pay by Bank: A Step Towards the Future of Digital Payments
The digital payments landscape is evolving, and one player making strides in this direction is The Money Platform. The company has announced its adoption of Pay by Bank, a growing payment method that is set to revolutionise the way consumers make transactions.
This decision comes as part of a broader discussion on Pay by Bank taking place across various regions, including Canada, the United Kingdom, the United States, and numerous countries worldwide. The aim is to encourage further adoption of Pay by Bank among customers, with the potential for significant growth, particularly among younger generations and higher-income consumers.
Ellie Duncan, the head of content at Open Banking Expo, and Clare Haskins, the head of revenue operations at Ecommpay, are among the participants in this global conversation. Matt Jackson, the VP of partner management at Token.io, and George Huntley, the CEO of The Money Platform, are also part of the discussion, which is taking place in the 'In Focus' webinar series.
Pay-by-Bank transactions, while growing in popularity, still face challenges compared to traditional payments like credit cards. However, the potential advantages in security and cost savings for merchants, coupled with the trend towards instant payment rails, position Pay-by-Bank as a competitive alternative. For instance, Walmart's upcoming Pay-by-Bank offering, developed with Fiserv, will utilise instant payment rails starting in 2025, allowing faster payments and bypassing card networks to reduce interchange fees.
Despite these advantages, consumer incentives and broader awareness remain crucial to accelerate adoption. Incentives such as merchant discounts, cashback, or loyalty benefits could significantly increase consumer adoption. A study found a 72% increase in interest when such incentives are offered.
Open banking services, encompassing Pay-by-Bank as a category, are seeing rising awareness and adoption. As of mid-2025, 64% of U.S. consumers are aware of open banking, with millennials and Gen Z representing the majority of active users. The UK shows even higher adoption rates, with over 50% of adults expected to use open banking by 2025. Open banking facilitates real-time banking tools, budgeting apps, and financial aggregators, showing strong market expansion potentially supporting Pay-by-Bank uptake.
Credit cards, however, remain a dominant payment method with improving performance metrics. Despite this, the growing popularity of Pay-by-Bank and the advantages it offers position it as a competitive alternative. The Money Platform's adoption of Pay by Bank could be a significant step towards leveraging these trends and shaping the future of digital payments.
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- The Money Platform's decision to adopt Pay by Bank aligns with the broader discussion in various regions, such as the United Kingdom, United States, and Canada, aimed at encouraging open banking services, like Pay-by-Bank, among customers.
- As open banking services, including Pay-by-Bank, gain more awareness and adoption, particularly among younger generations and higher-income consumers, events like the webinar series hosted by Open Banking Expo provide a platform for prominent figures in finance and technology, such as Ellie Duncan, Clare Haskins, Matt Jackson, and George Huntley, to discuss Pay-by-Bank's potential advantages and challenges.
- The future of digital payments could be influenced by initiatives like The Money Platform's adoption of Pay by Bank, as it offers merchants improved security, cost savings, and the potential to leverage real-time payment rails, as demonstrated by Walmart's upcoming Pay-by-Bank service with Fiserv. However, offering consumer incentives and improving awareness are crucial factors in accelerating its adoption.
