Could this new payment method spell the end for the bank card?

About this episode

This episode discusses the new payment method Pay by Bank and its implications for bank card usage in a cashless society.

As we become an increasingly cashless society, could we become less reliant on bank cards altogether? In this episode of Which? Shorts, we explain what Pay by Bank is, and how retailers online and on the high street are rolling this out as a new way for us to pay for goods and services. And while it works out cheaper for the retailer, given it bypasses the usual card processing fees sent to Visa and Mastercard, it's not without concerns. We tell you what you need to know before making an open banking payment. Find out more about Pay by Bank on our website & sign up for our free weekly Money ne wsletter If you're not already a member, join Which? to instantly listen to member exclusive podcasts and gain access to all of our product reviews - all for 50% off your first year's membership

People in this episode

Host: Which?

Topics covered

• payment methods
• cashless society
• open banking
• retail
• bank cards

Keywords

• Pay by Bank
• bank cards
• cashless society
• open banking payments
• retail payment methods

Mentioned in this episode

Organizations: Visa, Mastercard

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