If there's a 2024 payments buzzword, it's "pay-by-bank". Zepto's Chief Commercial Officer, Colin Baines, looks at why it's so hot right now.
The pay-by-bank revolution is here.
Ironically, pay-by-bank — paying for something from a bank account — isn't actually new.
Australians have been processing account-to-account (A2A) payments on the Bulk Electronic Clearing System (BECS) since the 1980s. BECS is a trusted payments workhorse that reliably handles average yearly transactions values of more than $15 trillion. But only on business days between 10.00am and about 9.00pm.
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