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2024

Instant Economy Payment Insights

Evolving Preferences and the Rise of Pay by Bank

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instant economy key findings

Key Findings: Pay by Bank

73%

of all those surveyed 
are very familiar, familiar,
or somewhat familiar with 
Pay by Bank.

36%

of 18-29 year-olds across 
all six markets use Pay by
Bank daily or weekly. 

42%

of regular Pay by Bank users
opt for the payment method
because of speed.

46%

of those questioned would
use Pay by Bank because it
offers a high level of security.  

55%

of regular Pay by Bank users
believe 60 seconds is a
reasonable time 
to receive a payment.

12%

of people across
all our surveyed markets
have never heard of Pay by
Bank.

payment choices

Understanding Payment Choices in The Instant Economy

Online payments are evolving more rapidly than ever. Our report reveals not only the most popular online payment methods but also how digital wallets and Pay by Bank (which includes instant account-to-account payments) are becoming the preferred choice for a younger, digital-savvy generation. With payment insights into the adoption rates in different countries and analysis of the driving forces behind these preferences, we uncover a future where traditional methods like credit cards may no longer hold the reins.

instant economy payment choices
instant economy consumer perspectives new
consumer perspective

Consumer Perspectives on Payment Methods

Diving into the heart of consumer preferences in the instant economy, our findings show clear generational divides. For example, 36% of young adults aged 18-29 are embracing Pay by Bank for its speed and security – significantly higher than any other age group. Additionally, we explore different perspectives across demographics to different payment methods, highlighting how and why the tide is turning towards more innovative solutions. From the allure of instant transactions to brand trust and bank-level security, we try to understand the factors shaping the future of purchases online.

trends

Trends, Preferences, and Pay by Bank Prospects

The future of Pay by Bank (and account-to-account payments, or A2A payments) looks promising, with a reported 73% of consumers across key markets familiar with it as an online payment method, and even greater familiarity in countries such as the Netherlands and Spain. Moreover, going deeper into our analysis we present how Pay by Bank is set to redefine online payments in the instant economy. But what are consumer expectations in terms of how long a payment should take in the instant economy? What are the factors behind consumers being willing to pay using different methods? And what makes Pay by Bank such an attractive online payment method for consumers across all our surveyed markets?

instant economy pay by bank new

Download Instant Economy Payment Insights: 2024

Evolving Preferences and the Rise of Pay by Bank

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