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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
$25.00
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
