Pay by Bank (ES)
In Spain, Pay by Bank services, which facilitate direct account-to-account payments, have gained significant traction among consumers. A recent survey by Retail Banker International. indicates that 92% of respondents are familiar with this payment method, with a notable proportion utilizing it regularly for online transactions. The mentioned survey about Pay by Bank services in Spain, indicating 92% familiarity and regular usage among consumers, was reported by Retail Banker International. The data highlights the growing awareness and adoption of account-to-account payments as a preferred payment method in Spain.
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Reasons for Popularity
High Awareness and Usage: A substantial 92% of consumers are familiar with Pay by Bank, with many using it daily or weekly, especially among the 18-29 age group
Integration with Instant Payment Systems: The adoption of the SEPA Instant Credit Transfer (SCT Inst) scheme allows payments to be processed in real-time, 24/7, enhancing the appeal of Pay by Bank services
Consumer Preference for Security and Speed: Spanish consumers prioritize secure and swift payment methods, making Pay by Bank a favorable option for online transactions
