Which? Could this be the end for the bank card?
Jun 12, 2025
Tony Herbert, a Senior Policy Advisor, and Chiara Cavalieri, a Senior Researcher, dive into the game-changing 'Pay by Bank' payment method. They discuss how this innovation allows direct payments from bank accounts and its potential to replace bank cards. Concerns about payment security and digital scams are raised, emphasizing the need for robust consumer protections. The duo also highlights the evolution of digital payments and the growing role of open banking, suggesting a shift in how we manage our finances.
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Example of Pay By Bank Payment
- Tony Herbert demonstrates how Pay by Bank works by paying off a credit card bill using bank apps instantly.
- The process includes selecting pay by bank, authenticating biometrically, and confirmation in under 30 seconds.
Why Retailers Like Pay By Bank
- Pay by Bank reduces cost for retailers by cutting out intermediaries in the payment process.
- It also speeds up the transfer and increases sales conversion by making checkout smoother.
Government Support for Pay By Bank
- Governments and regulators support Pay by Bank to challenge Visa and MasterCard dominance.
- They hope it drives innovation, competition, and ultimately benefits consumers with lower costs.