Join a candid discussion with payments leaders unpacking trends and challenges from Token.io’s latest Pay by Bank industry survey.
Token.io recently convened a panel of payments industry leaders to react to the new data revealed in our Pay by Bank Signals & Trends survey report (available to download here). Hosting the conversation at the Open Banking Expo Live Lounge, Open Banking Expo Head of Content Ellie Duncan welcomed product and partnership leaders Ben Rattue (Token.io), Jonathan Vaux (Thredd), and Adrian Burgess (PPRO) to dissect the state of payments innovation and what lies ahead.
Results from our industry survey showed significant market momentum for Pay by Bank, with 91% of survey respondents recognising strong merchant demand for Pay by Bank — driving a majority of PSPs and banks to support this new payment method. Building on this momentum, the conversation explored practical realities and emerging opportunities that promise to shape the future trajectory of payments innovation.
Jonathan Vaux reflected on the transition from hype to reality: "You see better-designed propositions integrating Pay by Bank as a fundamental building block rather than an add-on. It’s becoming a must-have in delivering compelling user experiences rather than a nice-to-have."
Adrian Burgess highlighted dual pressures that drive adoption: "PSPs respond to merchant demands, but merchants themselves react to evolving consumer expectations. Regulation like VRP adds a new layer of functionality that will accelerate adoption."
Ben Rattue gave insight from the infrastructure side: "Most users have now experienced Pay by Bank. The shift from compliance to commercial opportunity is clear. We’re past the pioneering stage and into mainstream growth, albeit with some expected bumps along the road."
One of the more complex topics was the uptake of Variable Recurring Payments (VRP). While there’s evident demand, Ben pointed out a supply challenge: "Merchants want it, but bank readiness limits availability. So, it’s a supply-first problem. Growth will follow once banks scale their offerings, but until then, it’s a chicken-and-egg situation."
Incentives and consumer education were identified as critical levers for building Pay by Bank usage. Adrian advised, "Incentives alone can create spikes but not sustained behaviour. Education from merchants and banks is just as important to help customers truly shift payment habits."
This fireside chat is rich with nuanced perspectives that go beyond industry buzzwords and headline statistics. For those involved in payments innovation, regulatory strategy, or merchant product design, it offers grounded insights into both the challenges and opportunities shaping Pay by Bank’s evolution.
To explore these topics in full and hear directly from these leaders, watch the entire conversation below: