Open banking payments are taking off across the UK and Europe and are now predicted to account for $87 billion of Europe’s transaction volume by 2026. Traditional payment methods such as cards and cash-on-delivery continue to lose share, and are now projected to account for less than a third of global e-commerce transaction value within the same period.
However, do open banking enabled account-to- account (A2A) payments pose a genuine threat to the dominance of cards and traditional payment methods? Can they truly become a mainstream payment method?
At Token.io, we believe the answer to both questions is a resounding yes — and we’re on a mission to make this a reality.
But ultimately, in the world of payments, success depends on human factors, like how consumers perceive and respond to risk, reward and effort.
Against this backdrop, Token.io and Open Banking Expo have partnered to deliver a data-driven look at the human element that will fuel open banking payments’ future.
We asked over 1,000 people across Europe about the attitudes, preferences and behaviours shaping their financial and digital lives.
Our new survey report busts myths and debunks misconceptions by speaking directly to consumers in the United Kingdom, France, Germany, Italy, the Netherlands, and Poland.
As the adoption of A2A payments in Europe nears a tipping point, together with Open Banking Expo, we set out to tackle a question often whispered but rarely answered: Who will pay by bank?
Here’s what we found.
Get your copy of the report from Token.io and Open Banking Expo: ”Who will Pay by Bank?”
A glimpse into this report:
- Discover popular payment methods by country and purchase scenario — from high-value one-off purchases to recurring subscriptions and remittances — and see where instant bank payments fit in
- Learn which consumers are paying by bank today, where will we see demand tomorrow, and what key consumer behaviours could support continued uptake of A2A payments
- Understand how consumers in Europe perceive the benefits of instant bank payments and other payment methods on a country-by-country basis
- Uncover how consumers understand open banking's evolving role in their lives
- Read commentary from the Open Banking Implementation Entity, Open Banking Expo, American Express, Banked and Vyne