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Clearing Up Pay-by-Bank Confusion Requires Education and Incentives

  • Last week, Nacha formed a project team to explore the concept of pay by bank and address operational, risk, and educational issues.
  • There is confusion surrounding pay by bank, as many consumers are unfamiliar with it and its benefits, leading to resistance in adopting the payment option.
  • Pay by bank encompasses various payment schemes, including direct debit, real-time credit transfer, and peer-to-peer transactions, depending on the payment type.
  • To encourage adoption, merchants can incentivize pay by bank with cash back and discounts, while providers can leverage open banking technology to innovate payment options.

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