Yaspa Index report finds 45% of consumers lack familiarity with ‘Pay by Bank’
London, 12 February 2025 – Almost half of UK consumers are unfamiliar with the term ‘Pay by Bank,’ according to Yaspa’s new report.
Today, Yaspa has released our inaugural Yaspa Index, an annual report tracking consumer familiarity with ‘Pay by Bank’ – one of the many terms used to describe instant account-to-account payments powered by open banking.
The Yaspa Index surveyed over 2,000 UK adults and provides an in-depth analysis of emerging payment trends, consumer behaviour, and the evolving digital payments landscape.
Kate Marsden, CMO at Yaspa, said: “Open banking has the potential to revolutionise payments, offering faster, more secure, and cost-effective transactions. However, our research highlights a key challenge: naming conventions matter. ‘Pay by Bank’ is gaining traction, but its meaning remains ambiguous to many consumers. The Yaspa Index 2025 serves as a benchmark for industry awareness and provides valuable insights for businesses looking to optimise their payment offerings.”
Key finding: awareness remains a work in progress
Despite the rapid adoption of open banking, the findings highlight a significant knowledge gap:
- 55% of UK adults report familiarity with the term ‘Pay by Bank’, but 45% remain unaware of the phrase despite its growing presence in online checkouts.
- Security (72%) and ease of use (66%) are the top priorities for consumers choosing a payment method.
- QR code payments are on the rise, yet only 27% of respondents used them for transactions in the past year.
- Consumer education remains critical to driving open banking adoption, particularly in high-growth sectors such as gaming and retail.
Why this matters for businesses
As industries such as iGaming and eCommerce seek to improve conversion rates and customer experience, the Yaspa Index highlights a crucial opportunity:
- Bridging the education gap can accelerate adoption and build trust in instant bank payments.
- Agreeing on a universal naming convention will help accelerate familiarity and consumer confidence.
Download the Yaspa Index 2025
The full Yaspa Index 2025 report is now available, offering in-depth insights for eCommerce merchants and gambling operators to better align checkouts for customer and player needs.
Download now at: https://content.yaspa.com/yaspa-index-2025
Watch now: Yaspa Index Webinar
Watch Yaspa’s free webinar discussing the findings of the Yaspa Index, featuring Yaspa CMO Kate Marsden and guest industry experts Angela Yore, Founder and CEO of SkyParlour, and Benjamin Ensor, Director of Strategy and Research, 11:FS.
Watch our webinar: https://www.yaspa.com/blog/unpacking-consumer-perceptions-of-pay-by-bank
About Yaspa
Yaspa provides award-winning real-time payment, verification and safer gambling solutions, connecting identity and money to simplify - and accelerate - the way we pay. Founded in 2017 by a former Worldpay CTO, Yaspa uses open banking to provide instant bank payments that are faster, more secure, and more cost-effective than cards, and to help regulated gambling operators seamlessly verify customers and their financial health. The company operates across the UK and Europe, and is authorised by the UK’s Financial Conduct Authority to provide Payment Initiation and Account Information services. Yaspa won the Best Innovation in Responsible Gaming award at the 2024 SiGMA Europe B2C Awards and was named Best Payment Facility at the Card & Payment Awards in February 2025.
For more information visit: yaspa.com or contact Kate Marsden, CMO, at kate@yaspa.com.
