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.avif)
Pay by Bank (AT)
Method
Pay by Bank (AT)
LPM Market Share
32%
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
1M
Disbursements
No
No
Chargebacks
No
Authorization currency
EUR
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
Consumer Demand for Digital Services: With 59% of consumers preferring mobile banking in 2023, there is a clear shift towards digital financial solutions that offer convenience, speed, and efficiency
Integration with Neobanks: The rise of neobanks in Austria, projected to reach a transaction value of €13.22 billion by the end of 2024, reflects a broader acceptance of digital-first banking solutions that leverage open banking principles
Enhanced Financial Control: Open banking allows consumers to regain control over their financial data. They can choose which third-party providers (TPPs) access their information, leading to personalized financial services and products tailored to individual needs
